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Betsson has agreed to acquire the Canadian B2C business of Rhino Entertainment Group in a deal valued at €64.5 million. The agreement also includes technology assets that Betsson plans to integrate into its platform.
Good to Know
Rhino Entertainment operates several online casino brands across global markets. The portfolio includes Casino Days and Lucky Spins, with activity across regions such as the Nordics and Estonia.
The Canadian business became active in Ontario after receiving a licence in 2023. Ontario remains the largest regulated online gambling market in Canada and continues to attract international operators.
Betsson entered the province earlier through the Betsafe brand in 2022. The new agreement adds Rhino operational capabilities, licences, and staff tied to Canada operations.
Technology plays a central role in the transaction. Betsson will acquire Rhino front end and middleware systems along with related infrastructure and development teams.
Company leadership plans to use those assets to strengthen internal technology while also supporting Betsson B2B services.
Betsson said the technology will help build new licensing opportunities and support digital gambling services beyond direct consumer markets.
The acquisition is valued at about 4.7 times EV to EBITDA based on projected earnings for 2025. Betsson estimates the acquired assets could generate around €13.7 million in EBITDA during that year.
Payment will occur in two stages. Betsson will pay €51.25 million at closing, while the remaining balance will be settled six months later. Funding will come from existing cash reserves.
Financial reports show Betsson held €215.6 million in cash at the end of 2025, a figure that declined 21% compared with 2024 levels.
Regulatory approvals remain pending before the transaction can close. Company expectations point to completion during the second or third quarter of 2026.
Gernandt & Danielsson Advokatbyrå is acting as legal adviser to Betsson.
Online gambling regulation continues to develop across Canadian provinces. Ontario currently operates a regulated private market model that allows licensed international operators to offer online casino and sports betting services.