Strategic Deal Expands Betsson’s Footprint in Canada’s Growing Regulated iGaming Markets
Betsson has successfully finalized its €64.5 million acquisition of Rhino Entertainment Group’s Canadian consumer business and select technology assets. Originally announced in March, the transaction brings Rhino’s Canadian licences, operating systems, staff, and customer-facing assets under Betsson’s management, alongside proprietary front-end and middleware technology utilized in Rhino’s B2B operations.
The Stockholm-listed group funded the acquisition through existing cash resources, with €51.25 million paid at closing and the remaining €13.25 million scheduled due six months later. Based on Rhino’s estimated pro forma EBITDA of €13.7 million for 2025, the transaction values the business at approximately 4.7x enterprise value to EBITDA.
Strengthening B2C Presence and B2B Capabilities
The acquisition provides Betsson with an established footprint in Canada, bypassing the need for a ground-up market build. Beyond strengthening its consumer-facing position in Ontario—which featured 48 operators running 82 approved websites as of July 22, 2026, the deal incorporates technology that can be licensed to third parties through Betsson’s B2B division.
By integrating Rhino’s middleware, Betsson expects to generate additional licensing revenue, improve economies of scale, and enhance profitability across both B2C and B2B segments. Furthermore, the established personnel and infrastructure arrive as Canada’s provincial regulatory framework widens, highlighted by Alberta launching its regulated open online market on July 13 with 22 registered sites.
With these capabilities in place, Betsson is well-positioned to support further expansion as more Canadian provinces open regulated markets to private operators.
