Betsson has entered into an agreement to acquire Rhino Entertainment Group’s B2C business in Canada, alongside a set of technology assets linked to Rhino’s B2B operations, for a total consideration of €64.5m ($74.5m).
The acquisition covers several Rhino Group entities holding assets, licenses, personnel and operational capabilities connected to the supplier’s consumer-facing activities in Ontario and the rest of Canada.
Betsson said the target business currently serves Canadian customers and has scope to expand into other provinces as local regulatory frameworks develop.
Alongside the B2C operations, Betsson will also acquire Rhino’s proprietary front-end and middleware technology. It said the assets are expected to strengthen its B2B offering and contribute additional licensing revenue through that segment.
Based on proforma results for 2025, the transaction implies an enterprise value to EBITDA multiple of about 4.7x. Betsson said the acquired assets generated an estimated combined EBITDA of €13.7m on a proforma basis during 2025.
The purchase price includes an upfront payment of €51.25m at closing, with the remaining balance due six months later. Betsson said it will finance the acquisition using existing cash resources.
Completion is expected following applicable regulatory approvals in the second or third quarter of 2026.
The operator said the deal supports its approach of expanding in existing and new B2C markets while also growing its B2B business. It added that the acquisition is expected to increase scale across both segments, support profitability and broaden its growth opportunities in Canada and in B2B licensing.
Ontario remains one of the most established regulated online gambling markets in North America, while other provinces continue to assess their own regulatory models. Betsson said the acquired business is positioned to benefit if additional Canadian jurisdictions open to regulated private-sector online gaming.
Gernandt & Danielsson Advokatbyrå is acting as lead legal advisor to Betsson on the transaction.
Earlier this month, Betsson featured in a separate story linked to its sponsorship activity in Belgium, when it gave up front-of-shirt branding for Club Brugge’s UEFA Champions League match to support a regional blood and plasma donation campaign.
The deal includes operational capabilities tied to Ontario as well as the wider Canadian market
