Betsson has completed its €64.5m (£55.2m) acquisition of Rhino Entertainment Group’s B2C business in Canada, alongside a portfolio of technology assets aimed at strengthening the group’s B2B operations.
The transaction, first announced in March, includes several Rhino Group entities holding assets, licences, personnel and operational capabilities related to the firm’s consumer-facing operations in Ontario and the wider Canadian market.
In addition to the B2C business, Betsson has acquired Rhino’s proprietary front-end and middleware technology, which the company expects will enhance its B2B offering and generate additional licensing revenue.
It comes just two weeks after Rhino entered the Alberta iGaming market, which launched last month.
The acquisition aligns with Betsson’s strategy of expanding both its consumer-facing business in regulated markets and its technology services for operators.
When the deal was announced, the Stockholm-listed company said the acquired assets generated an estimated €13.7m in EBITDA on a pro forma basis during 2025.
The total purchase price was agreed at €64.5m, equivalent to approximately 4.7x EV/EBITDA, with €51.25m paid on completion and the remaining balance due six months after closing.
A Rhino spokesperson said: “Today marks an important milestone for everyone at Rhino Entertainment as we officially complete the acquisition of various entities within our group by Betsson Group.
“This achievement is the result of months of dedication, collaboration and hard work. A heartfelt thank you to our incredible Rhino team, the teams at Betsson Group, and all of our external advisers and partners who worked tirelessly to make this happen.
“We’re proud of what we’ve built, grateful to everyone who contributed to this journey, and excited for what comes next.”
Betsson positions in North America
The deal will be financed through Betsson’s existing cash resources, and serves to strengthen the company’s North American footprint which has dwindled in recent years.
Betsson already has a presence in Ontario via its Betsafe brand and has done since 2023, but the firm left the US behind in 2024 when it discontinued Betsafe in Colorado.
The business is still said to be seeking North American partners, though it does not class North America as a core market when reporting its financial results.
Recent growth elsewhere for Betsson has come from Latin America and parts of Europe, though it is banking on its Q2 performance to aid its FY 2026 performance after profits fell in H1.
It may well be this Rhino deal that helps the group to end what has been a turbulent year for many in the industry on a more positive note.