Entertainment
Betsson will also acquire Rhino’s proprietary technology to bolster its in-house B2B offering.
Gambling group Betsson has announced an agreement to acquire the Canadian B2C business of Rhino Entertainment Group, as well as various technology assets.
The €64.5 million ($74.6 million) deal includes Rhino’s front-end and middleware technology, assets, personnel and holding licences and operational capabilities across Ontario and other Canadian provinces.
Betsson plans to integrate the technology into its own B2B offering to create additional licensing revenue streams and will support Betsson’s expansion into digital gambling services beyond direct consumer markets.
Rhino Entertainment operates seven brands, including Casino Days and Lucky Spins, across various global markets including the Nordics and Estonia.
It was granted a licence to operate in Ontario in 2023 and is well-positioned to grow further as regulatory frameworks continue to evolve provincially. The deal marks a planned expansion into Canada as Betsson first entered Ontario in 2022 via its Betsafe brand.
The art of the deal
Betsson has valued the deal at an enterprise multiple of approximately 4.7x EV/EBITDA based on pro forma earnings for 2025. The company forecasts that the acquired assets will generate around €13.7 million in combined EBITDA in 2025.
An initial payment of €51.25 million will be made at closing, with the remaining balance due six months post-completion. Financing will come from Betsson’s existing cash resources. The company ended its 2025 financial year with €215.6 million in its cash reserves, down 21% from 2024.
Regulators are expected to grant approvals in time for the transaction to close during the second or third quarter of 2026. Gernandt & Danielsson Advokatbyrå is serving as legal advisers to Betsson.
The acquisition aligns with Betsson’s dual strategy to increase its B2C footprint in regulated markets, and it will further extend its B2B technology licensing business. Canada’s recently liberalised online gambling markets, such as Ontario, have attracted numerous international operators following legislative reforms.
The effective integration of Rhino’s operational teams, technology platforms and customer base into Betsson’s existing infrastructure will be essential to realise anticipated synergies and revenue opportunities.
Speaking to iGB in January, group CEO Pontus Lindwall said Betsson shareholders were focused on how the company scales our opportunities while maintaining the returns and resilience its built in 2025.
“They’re also concerned about where our next leg of growth comes from. We’ve had a fantastic run – record revenues and profits, new markets launched. Shareholders are looking at our pipeline – emerging markets, potential acquisitions, new products like B2B offerings – and assessing if we can keep the momentum,” he added.
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Kathryn Evans