Betsson has agreed to acquire Rhino Entertainment Group’s Canadian business-to-consumer operations and a suite of proprietary technology assets for €64.5m, deepening its position in North America while adding B2B licensing capabilities to its platform.
What the Deal Covers
The acquisition encompasses several Rhino Entertainment Group entities tied to its B2C activities in Ontario and across other Canadian provinces. Betsson gains operational infrastructure, holding licences, personnel, and customer-facing capabilities serving Canadian players. Rhino operates seven brands in the market, including Casino Days and Lucky Spins, and was granted its Ontario licence in 2023.
Beyond the B2C business, Betsson will also take ownership of Rhino’s front-end and middleware technology. The company intends to fold these assets into its existing B2B offering, creating additional revenue streams through technology licensing to third-party operators.
Betsson’s presence in Canada dates to 2022, when it entered Ontario via its Betsafe brand. Ontario’s regulated online market has grown rapidly since opening, attracting a broad field of international operators as provincial frameworks continue to mature.
Deal Structure and Valuation
The transaction is structured around pro forma 2025 earnings. Rhino’s acquired assets generated approximately €13.7m in EBITDA for that year. The agreed €64.5m enterprise value represents a multiple of roughly 4.7x EV/EBITDA on those results.
Betsson will pay €51.25m at closing, with the remaining balance due six months after completion. The acquisition will be financed from existing cash resources. Regulatory approvals are required before the deal can close, with Betsson targeting completion during the second or third quarter of 2026. Gernandt & Danielsson Advokatbyrå is serving as legal adviser on the transaction.
Strategic Context
The deal sits within Betsson’s dual-track strategy: expanding its direct B2C footprint in regulated markets while growing its B2B technology licensing business. Canada fits that template. Ontario’s framework is established, and additional provinces are advancing their own regulatory structures, broadening the addressable market over time.
Rhino’s technology assets carry their own strategic weight. Betsson reported 8% full-year revenue growth in 2025, but increased gaming taxes across several European markets have squeezed margins. Adding B2B licensing revenue through Rhino’s proprietary platform offers a diversification angle beyond direct consumer markets — a pattern visible across the sector as operators look to offset regulatory cost pressures at home.
The acquisition follows a broader wave of North American-facing M&A activity in iGaming, with European operators using acquisitions to accelerate entry into liberalised markets that would otherwise take years to build organically. Larger cross-border deals have also highlighted the appetite among established gaming groups to consolidate technology and distribution capabilities under one roof rather than rely on partnerships alone.
Rhino Entertainment Group operates across global markets including the Nordics and Estonia in addition to its Canadian business. The transaction is limited to the Canadian B2C entities and the technology assets; Rhino’s broader international operations are not part of the deal.
Betsson’s move signals growing confidence in Canada as a long-term regulated market. Alberta is advancing its own iGaming framework with a provincial launch targeted for 2026, and further openings remain possible as regulatory frameworks evolve elsewhere in the country. With an established operational base from Rhino and strengthened B2B technology capabilities, Betsson is positioning for that expansion well ahead of it materialising.
Source: Betsson AB
