Betsson has agreed to acquire Rhino Entertainment Group’s business-to-consumer operations licensed in Canada together with a set of technology assets intended to strengthen its business-to-business offering. The transaction, valued at approximately €64.5m, forms part of Betsson’s strategy to expand its igaming operations and technology capabilities across regulated markets.
The acquisition includes several Rhino Entertainment Group entities associated with its B2C activities in Ontario and the wider Canadian market. These entities hold operational infrastructure, licences, personnel and customer-facing capabilities linked to Rhino’s igaming operations serving Canadian players. According to Betsson, the business is positioned to expand further as additional Canadian provinces continue to introduce regulated igaming frameworks.
Alongside the B2C operations, Betsson will also acquire proprietary front-end and middleware technology developed by Rhino Entertainment Group. The company stated that these assets will support its B2B technology offering and could generate additional licensing revenue through partnerships with operators using Betsson’s igaming platform.
Based on pro forma results for 2025, the acquired assets generated an estimated €13.7m in earnings before interest, taxes, depreciation and amortisation. The agreed purchase price represents an enterprise value to EBITDA multiple of approximately 4.7 times based on those results.
Under the terms of the agreement, Betsson will make an initial payment of €51.25m upon completion of the transaction, with the remaining balance to be paid six months after closing. The company said the acquisition will be financed using existing cash resources.
The transaction remains subject to regulatory approvals and customary closing conditions. Betsson expects the acquisition to be completed during the second or third quarter of 2026 once the necessary clearances have been obtained.
Betsson said the acquisition aligns with its strategy of investing in both B2C igaming markets and B2B technology services, with the aim of increasing scale across its operations. By combining Rhino Entertainment Group’s Canadian igaming business with additional technology capabilities, the company intends to strengthen its presence in North America while expanding the reach of its igaming platform and services.
Gernandt & Danielsson Advokatbyrå is acting as lead legal adviser to Betsson in connection with the transaction.
