Betsson expands Canadian presence with Rhino Entertainment acquisition
Betsson has announced its strategic move to strengthen its foothold in Canada by acquiring the Canadian B2C operations of Rhino Entertainment Group, along with key technology assets. The deal, valued at €64.5 million ($74.6 million), encompasses Rhino’s proprietary front-end and middleware technology, along with its assets, staff, licenses, and operational capabilities across Ontario and other provinces..
The company intends to integrate Rhino’s technology into its own B2B platform, aiming to open new licensing revenue streams and support its broader expansion into digital gambling services beyond direct consumer markets.
Rhino Entertainment manages seven brands, including Casino Days and Lucky Spins, with a presence in markets such as the Nordics and Estonia. Having obtained a license to operate in Ontario in 2023, Rhino is well-positioned for further growth amid evolving provincial regulations. This acquisition signifies Betsson’s strategic expansion into Canada, building on its entry into Ontario in 2022 via the Betsafe brand.
Betsson values the transaction at an enterprise multiple of approximately 4.7x EV/EBITDA, based on pro forma earnings projections for 2025. The company expects that the acquired assets will generate around €13.7 million in combined EBITDA in 2025. An initial payment of €51.25 million will be settled at closing, with the remaining balance payable six months after the deal’s completion. The financing will be sourced from Betsson’s existing cash reserves, which stood at €215.6 million at the end of 2025 a 21% decrease from 2024.
Read also: Greece Acts to Protect Youth from Escalating Online Betting Threats
Regulatory approvals are anticipated to be secured in time for the transaction to close during the second or third quarter of 2026. Gernandt & Danielsson Advokatbyrå is serving as legal counsel for Betsson.
This acquisition aligns with Betsson’s dual approach: expanding its B2C presence within regulated markets and bolstering its B2B technology licensing segment. Canada’s recently liberalized online gambling landscape, especially in Ontario, has attracted numerous international operators following legislative reforms. Successfully integrating Rhino’s operational teams, technological platforms, and customer base into Betsson’s existing infrastructure will be crucial for realizing the expected synergies and revenue growth.
In a January interview with iGB, group CEO Pontus Lindwall highlighted the company’s focus on scaling opportunities while maintaining resilience and strong returns. “Shareholders are also concerned about where our next growth phase will come from. We’ve had a fantastic run record revenues and profits, new markets launched. They’re looking at our pipeline emerging markets, potential acquisitions, new products like B2B offerings and assessing if we can sustain this momentum,” he explained.
