Online Casinos that Went Bankrupt in Canada 2023

Canadian Casino went Bankrupt

The world of online casinos isn’t an easy one. The competition is fierce – and to make it, they have to stand out from the rest… go above and beyond. It therefore comes as little surprise that not all of them make it. There are some casinos that simply failed to make the grade in 2023 and ended up closing their doors.

Let’s take a look at some of them…

The Most Recent Closed or Bankrupt Casinos

Here is a list of all the closed and bankrupt casinos that are no longer available to Canadian players…

Andromeda Casino – Closed in August 2023
Grand Theft Casino – Closed in July 2023
ShadowBit Casino – Closed in June 2023

Why Online Casinos Go Bankrupt

Here are the main reasons that online casinos go bankrupt…

They Run Out of Money

The world of online casinos is ever-changing – and in order to remain in business, the casino needs to be financially stable. Although there’s a lot of money in the world of online gaming, there isn’t a bottomless pit of revenue.

Some casinos simply end up running out of money – and if players win, they simply don’t have enough money to cover their outgoings. There could be a few reasons for this: overestimating their player base – and not fully understanding operational costs. Attracting too many players too soon can be a costly mistake.

Too Much Competition

It seems that new online casinos are launching all the time – and as such, the arena is becoming ever more competitive. This means that new sites often have to agree to deals with the top-end game providers and spend a lot of money on offering games – and bonuses that can compete. However, because practically all casinos do this, it’s still hard to stand out. If a casino spends too much and still can’t attract players, it’s doomed to fail.

Bad Managers

Successful online casinos need top-tier teams that can grasp the intricacies of the gambling world. Effective management is crucial if they want to be successful. Casinos that lack this expertise in online gambling and management can quickly end up failing.

Without managers who know about entertaining and engaging players while overseeing maintainable operations, it’s an uphill beetle to keep business going. Unwise decisions can lead to the misallocation of resources, poor marketing, and the inability to adapt to the current markets – ultimately resulting in closure.

Cybersecurity Issues

In today’s digital age, cyber-attacks are a massive risk to online casinos. Casinos that haven’t invested in top-end cyber infrastructure with advanced encryption and certified security leave themselves vulnerable. Data breaches and cyber-attacks are a huge fear among players, and if it’s deemed to be a risky establishment, players will run away fast. This eventually means financial devastation, a bad reputation – and closure.

Treating Players Badly

Treating players with contempt can lead to doom in an online casino – where player satisfaction is paramount. If a casino doesn’t value and satisfy their players, then they’ll soon be moving to other platforms. The ever-increasing number of gambling options makes it easy. Valuing and engaging players isn’t just a strategy; it’s the only way to survive in this world.