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Betsson has completed its €64.5 million (US$74.29 million) acquisition of Rhino Entertainment Group’s Canadian consumer business and selected technology assets, expanding its footprint in Canada’s regulated iGaming market.
The deal, announced in March, transfers Rhino’s Canadian licences, staff, operating systems and customer-facing assets to Betsson. It also includes proprietary front-end and middleware technology used in Rhino’s business-to-business operations.
Betsson paid €51.25 million upon completion, with the remaining €13.25 million payable six months later. The acquisition is being funded through the company’s existing cash resources.
The acquired operations generated an estimated pro forma EBITDA of €13.7 million (US$15.78 million) in 2025, implying an enterprise value-to-EBITDA multiple of approximately 4.7x, according to Betsson.
The acquisition provides Betsson with an established Canadian operation, eliminating the need to build a new market presence. It also adds proprietary technology that can be licensed to third-party operators through the company’s B2B division.
Betsson said the acquired platform is expected to generate additional licensing revenue, improve economies of scale, and enhance profitability across both its B2C and B2B operations. The middleware technology also expands the company’s revenue streams beyond direct consumer spending and creates opportunities for growth in Canada and international markets.
Ontario, which launched its competitive regulated iGaming market in April 2022, had 48 operators running 82 approved gaming websites as of 22 July 2026. The acquired business includes assets already licensed in Ontario, giving Betsson an immediate foothold in the province.
Meanwhile, Alberta launched its regulated online gambling market on 13 July with 22 registered sites, becoming the second Canadian province to introduce an open market for private online operators.
Alberta estimated that roughly 70% of online gambling activity occurred through unregulated operators before launching its regulated market. Under its framework, 2% of gross gaming revenue is allocated to First Nations initiatives, whilst 1% is earmarked for social responsibility programmes.
Betsson said the acquisition strengthens its position for future growth in Canada. The acquired business provides an operational presence in Ontario and the capabilities to expand into other provinces as they introduce regulated iGaming markets.