Betsson has reached an agreement to acquire the Canadian B2C operations of Rhino Entertainment Group along with several technology assets, for €64.5 million ($74.6 million). This agreement encompasses Rhino’s front-end and middleware technology, assets, personnel, as well as their licenses and operational capacities across Ontario and other Canadian provinces.
The Swedish gambling group intends to incorporate this technology into its B2B services, aiming to create additional licensing revenue streams, and enhance its digital gambling offerings beyond the direct consumer segment. Rhino Entertainment manages seven brands, such as Casino Days and Lucky Spins, operating in various global markets, including the Nordics and Estonia.
In 2023, Rhino received a license to operate in Ontario and is strategically positioned for future growth as local regulatory frameworks continue to develop. This acquisition represents Betsson’s planned growth in Canada, following its entry into the Ontario market in 2022 through the Betsafe brand.
Betsson values the transaction with an enterprise multiple of approximately 4.7x EV/EBITDA based on projected earnings for 2025. The firm anticipates that the acquired assets will generate about €13.7 million in combined EBITDA by 2025. An initial payment of €51.25 million will be made upon closing, with the remaining balance payable six months later. Funding for the deal will come from Betsson’s existing cash reserves, which totaled €215.6 million at the end of the 2025 financial year, reflecting a 21% decrease from 2024.
Regulatory approval is expected, allowing the deal to close in the second or third quarter of 2026. Betsson has engaged Gernandt & Danielsson Advokatbyrå for legal counsel.
The acquisition supports Betsson's dual strategy to expand its B2C presence in regulated markets and enhance its B2B technology licensing business. Canada’s newly liberalized online gambling markets, particularly Ontario, have drawn attention from numerous international operators following legislative changes.
Successfully integrating Rhino’s operational staff, technology platforms, and customer base into Betsson's existing framework will be crucial for realizing the expected synergies and revenue potentials.
In a January interview with iGB, Betsson's CEO Pontus Lindwall expressed that shareholders are focused on the company’s growth opportunities while maintaining the resilience established in 2025. He noted, "They’re also concerned about where our next leg of growth comes from. We’ve had a fantastic run – record revenues and profits, new markets launched. Shareholders are looking at our pipeline – emerging markets, potential acquisitions, new products like B2B offerings – and assessing if we can keep the momentum."
