Betsson buys Rhino Entertainment’s Canada business for €64.5m
Table of contents
- Betsson agrees to acquire Rhino Entertainment Group’s B2C operations in Canada and proprietary technology assets for approximately €64.5m.
- The deal values Rhino’s Canadian business at roughly 4.7x EV/EBITDA based on 2025 pro forma earnings of €13.7m.
- Rhino is divesting its entire B2C portfolio to Betsson and Alta Group, with the Canadian transaction expected to close in Q2 or Q3 2026.
Swedish operator Betsson has agreed to acquire Rhino Entertainment Group’s business-to-consumer operations in Canada, along with a set of technology assets, in a deal worth approximately €64.5m.
The transaction, announced on 12 March, strengthens Betsson’s footprint in one of North America’s fastest-growing regulated igaming markets.
What the deal includes
The acquisition covers several Rhino entities that collectively hold licences, personnel and operational capabilities tied to B2C activities in Ontario and the broader Canadian market.
Betsson already operates its Betsafe brand in Ontario and holds a B2B licence in the province. Adding Rhino’s Canadian-facing brands, which include CasinoDays in Ontario, Big Boost, Buusti Kasino, Lucky Spins, Big Lucky and Regal Rush, significantly expands the company’s consumer reach.
Beyond the B2C business, Betsson will also take on Rhino’s proprietary front-end and middleware technology. The company said these assets will bolster its B2B platform offering and are expected to generate additional licensing revenue.
Betsson stated:
“The transaction is consistent with Betsson’s strategy to generate shareholder value by investing in existing and new B2C markets and growing its B2B business. The acquisition is expected to add economies of scale, strengthen profitability and expand Betsson’s growth opportunities in its B2C and B2B businesses.”
Valuation and structure
On a pro forma basis, Rhino’s acquired assets produced an estimated €13.7m in EBITDA during 2025. The €64.5m purchase price represents a multiple of approximately 4.7x EV/EBITDA based on those results.
Betsson will make an upfront payment of €51.25m at closing. The remaining balance is due six months later. The company confirmed it will fund the acquisition entirely from existing cash reserves.
Shares in Betsson rose 7.17% to SEK 100.90 on Nasdaq Stockholm following the announcement.
Rhino’s broader exit
The deal forms part of a wider divestiture by Rhino Entertainment. The Malta-based operator, founded in 2020 and led by CEO Ross Parkhill, is selling off its entire B2C portfolio to Betsson and Alta Group.
Rhino currently operates seven brands globally. The company has served Canadian players since receiving a Kahnawake licence in 2022 and holds an Ontario licence.
In a LinkedIn statement, Rhino said:
“For Rhino, this transaction unlocks significant value from the B2C business we have built while allowing us to sharpen our focus on the next phase of growth and value creation. Building Rhino has been an incredible journey. A big thank you to the team, partners, and investors who helped create such a strong and scalable company.”
The move signals a strategic pivot for Rhino away from consumer-facing operations. It remains unclear what the company’s future focus will be following the full B2C sell-off.
Canada as a growth market
Canada’s regulated online gambling market has attracted significant international interest since Ontario opened to private operators in April 2022. Additional provinces are expected to introduce their own regulated frameworks in the coming years, offering further expansion potential for licensed operators.
For Betsson, the acquisition aligns with a renewed North American commitment. The company withdrew its B2C offering from the US in 2024 after a brief Colorado presence through Betsafe. The Rhino deal now anchors its consumer strategy firmly in the Canadian market.
Completion is expected during Q2 or Q3 2026, subject to regulatory approvals. Gernandt & Danielsson Advokatbyrå is acting as lead legal adviser to Betsson.
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