Betsson Completes $74.3 Million Acquisition of Rhino Entertainment’s Canadian Business

Betsson has completed its acquisition of Rhino Entertainment Group’s Canadian consumer business and select technology assets, a deal valued at roughly €64.5 million (about $74.3 million USD), expanding the Swedish-listed operator’s footprint in Canada’s fast-growing regulated iGaming market.

The transaction, first announced in March, transfers Rhino’s Canadian gaming licences, staff, operating systems and customer-facing assets to Betsson. It also hands over proprietary front-end and middleware technology that Rhino previously used in its business-to-business operations, giving Betsson a toehold in licensing revenue beyond direct-to-consumer betting.

How the Deal Is Structured

Betsson paid €51.25 million at closing, with the remaining €13.25 million due six months later. The company is funding the acquisition through existing cash resources rather than new financing. Based on Betsson’s figures, the acquired operations produced an estimated pro forma EBITDA of €13.7 million (around $15.8 million) in 2025, which works out to an enterprise value-to-EBITDA multiple of roughly 4.7x — a relatively efficient price for an operator buying its way into an already-regulated market rather than building from scratch.

That’s the real strategic logic here. Instead of spending years and marketing dollars establishing a Canadian brand presence, Betsson is buying an operation that’s already licensed, already staffed, and already generating revenue. The deal also includes Rhino’s proprietary middleware, which Betsson can license out to third-party operators through its B2B division — a second revenue stream layered on top of the consumer-facing business.

Ontario’s Head Start and Alberta’s New Market

The acquired assets are already licensed in Ontario, which launched its competitive regulated iGaming market back in April 2022 and, as of late July 2026, counted 48 operators running 82 approved gaming websites. That gives Betsson an immediate, functioning presence in the country’s largest and most mature regulated province rather than waiting on a licensing process.

Canada’s regulated landscape is also expanding beyond Ontario. Alberta opened its own competitive online gambling market on July 13, launching with 22 registered operators as the second Canadian province to allow private online operators. Alberta officials have estimated that roughly 70% of online gambling activity in the province occurred through unregulated operators before the new framework took effect. Under Alberta’s rules, 2% of gross gaming revenue is directed to First Nations initiatives, with another 1% earmarked for social responsibility programs.

Betsson has framed the Rhino acquisition as a platform for exactly this kind of provincial expansion — using its established Ontario footprint as a base while positioning itself to move into Alberta and any additional provinces that open regulated markets going forward. For bettors comparing sportsbooks and betting options across different jurisdictions, deals like this are a reminder that the operator landscape is still consolidating rapidly as more of Canada’s provinces regulate online gambling.

What It Means for the B2B Side

Beyond the consumer business, Betsson is betting that Rhino’s middleware technology has value on its own. Licensing that platform to other operators would let Betsson generate revenue independent of its own player base — a hedge against the intense marketing costs that come with acquiring bettors directly in a newly competitive province. Betsson said it expects the deal to improve economies of scale and profitability across both its B2C and B2B operations as Canada’s regulated market continues to mature.