Betsson Finalises €64.5m Takeover of Rhino’s Canadian Business

Key Points

• Betsson gains full control of Rhino’s Canadian licences, staff and customer‑facing assets
• The deal includes proprietary front‑end and middleware technology
• Rhino’s 2025 pro forma EBITDA places the valuation at roughly 4.7x
• Betsson strengthens its position in Ontario and prepares for wider provincial expansion
• The acquisition adds new B2B revenue opportunities through technology licensing

Betsson Completes Major Canadian Expansion

Betsson has officially closed its €64.5m acquisition of Rhino Entertainment Group’s Canadian consumer operations and selected technology assets. First announced in March, the deal transfers Rhino’s Canadian licences, staff, operating systems and customer‑facing products directly into Betsson’s control. You can read more about Betsson’s wider corporate activity through Betsson’s official website.

The agreement also includes Rhino’s proprietary front‑end and middleware technology, which has supported its business‑to‑business division. Betsson plans to integrate these tools into its wider B2B offering.

The company paid €51.25m at closing, with the remaining €13.25m due six months later. The Stockholm‑listed operator is funding the transaction entirely from existing cash reserves.

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Financial Impact and Strategic Value

Rhino’s Canadian operations generated an estimated pro forma EBITDA of €13.7m in 2025. Betsson’s valuation places the acquisition at roughly 4.7 times enterprise value to EBITDA.

The purchase gives Betsson a fully established Canadian operation rather than requiring a new market build. It also adds technology that can be licensed to other operators through Betsson’s B2B division.

Betsson expects the newly acquired platform to generate additional licensing revenue and improve economies of scale across the group. The company anticipates stronger profitability across both its consumer and B2B businesses.

The middleware included in the deal provides Betsson with a new revenue stream, as it can be supplied to third‑party operators in Canada and internationally.

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Canadian iGaming Market Gains Momentum

Ontario launched its competitive regulated online gambling market in April 2022. As of 22 July 2026, the province had 48 operators running 82 approved gaming websites. For a deeper look at Ontario’s regulatory framework, readers can refer to your AGCO article.

Rhino’s acquired operations already include assets licensed in Ontario, giving Betsson an immediate position in one of North America’s most active regulated markets.

Canada’s regulatory landscape continues to expand. Alberta opened its regulated online gambling market on 13 July with 22 registered sites, becoming the second province to allow private operators. The province requires player protection controls, detailed activity statements and a market‑wide self‑exclusion programme.

Before launch, Alberta estimated that around 70 percent of online gambling occurred through unregulated operators. Under its new framework, two percent of gross gaming revenue is directed to First Nations initiatives and one percent to social responsibility programmes.

Future Growth Across Canadian Provinces

Betsson highlighted the potential for expansion into additional provinces when announcing the deal. The acquired business already includes staff and operational capabilities covering Ontario and the broader Canadian market.

With this acquisition, Betsson now has a Canadian operating base capable of supporting growth as more provinces open regulated markets to private operators. Additional updates on Canadian expansion will be covered in your News category.