Betsson has completed its acquisition of Rhino Entertainment Group’s Canadian-facing B2C business and key B2B technology assets in a deal valued at approximately €64.5 million (around $74 million), strengthening the Swedish operator’s position in Canada’s regulated online gambling market.
The transaction, first announced in March, received all necessary regulatory approvals before closing. It includes several Rhino Group entities that hold licenses, operational infrastructure, employees, and customer-facing assets serving players in Ontario and across Canada. The acquisition also transfers Rhino’s proprietary front-end and middleware technology, which Betsson plans to integrate into its B2B division to expand technology licensing opportunities and improve operational efficiency.
Betsson financed the acquisition using existing cash reserves. The payment structure consists of an upfront installment of €51.25 million at closing, with the remaining balance scheduled to be paid six months later. Based on the acquired business’s 2025 pro forma financials, the purchase price represents an enterprise value-to-EBITDA multiple of roughly 4.7x.
The acquired B2C and B2B operations generated an estimated combined EBITDA of €13.7 million during 2025, highlighting the profitability of the assets joining Betsson’s portfolio. The company expects the acquisition to deliver economies of scale, improve margins, and create new opportunities for growth in both its consumer-facing and business-to-business operations.
Canada remains one of Betsson’s strategic expansion markets, with Ontario continuing to be the country’s largest regulated online gaming jurisdiction. The company also sees potential for further growth as additional Canadian provinces consider regulated iGaming frameworks, making the Rhino acquisition an important step in strengthening its long-term presence in North America.