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Betsson to Acquire Rhino’s Canadian Business for €64.5m

Betsson to Acquire Rhino Entertainment’s Canadian Business and Technology Assets – €64.5m Deal Expands Ontario Presence and B2B Capabilities

Key Takeaways

• Betsson will acquire Rhino Entertainment Group’s B2C business licensed in Canada and its B2B technology assets for approximately €64.5m.
• The deal includes an upfront payment of €51.25m and a deferred payment six months after closing, financed through existing cash resources.
• Rhino’s Canadian B2C entities hold licences, personnel, and operational capabilities in Ontario and other parts of Canada.
• The acquired assets generated an estimated €13.7m in EBITDA in 2025 on a proforma basis.
• Completion is expected in the second or third quarter of 2026, subject to regulatory approvals.

Acquisition Structure and Financial Terms

Betsson has entered into an agreement to acquire the B2C business licensed in Canada and B2B technology assets from Rhino Entertainment Group. The total purchase price amounts to approximately €64.5m. Of this amount, €51.25m will be paid at closing, with the remaining balance due six months after completion.

The company stated that it will use existing cash resources to finance the transaction. The structure includes both operational gambling brands and proprietary technology assets. According to Betsson, the assets to be acquired generated an estimated combined €13.7m in earnings before interest, taxes, depreciation and amortisation in 2025 on a proforma basis.

Completion of the deal is subject to applicable regulatory approvals. Betsson expects the transaction to close during the second or third quarter of 2026.

Expansion of Betsson’s B2C Presence in Canada

The B2C portion of the acquisition includes entities that hold licences, assets, personnel, and operational capabilities related to Rhino’s activities in Ontario and across Canada. These entities are described as being positioned to expand into additional Canadian provinces as local regulatory frameworks evolve.

In Ontario, Betsson has operated the Betsafe brand since 2023. Following completion of the acquisition, Rhino’s Casino Days brand, which is licensed in the province, will join Betsson’s existing offering in the regulated Ontario market.

In addition to Casino Days, the brands LuckySpins and Big Boost will become part of Betsson’s portfolio. These brands are licensed elsewhere in Canada under the Kahnawake Gaming Commission. The inclusion of multiple licensed brands increases Betsson’s footprint across different Canadian regulatory frameworks.

For users comparing licensed operators in Canada, the transaction means that several established brands will operate under the Betsson umbrella once the acquisition closes. The regulatory status of each brand remains tied to its existing licensing jurisdiction.

Technology Assets Strengthen B2B Offering

Beyond the consumer facing brands, Betsson is also acquiring Rhino’s proprietary front end and middleware technology. These assets are intended to strengthen Betsson’s B2B offering and support licensing revenue.

The addition of proprietary technology can play a role in how operators manage player accounts, payments, and platform integration. By incorporating Rhino’s technology stack, Betsson aims to expand its capacity to provide services to third parties alongside its own consumer operations.

The transaction therefore combines direct market access through licensed brands with technology infrastructure that can be deployed more broadly within Betsson’s B2B activities.

Canadian Regulatory Context and Alberta Developments

The acquisition takes place at a time when Canada’s provincial iGaming frameworks continue to develop. Ontario currently operates a regulated market for commercial iGaming operators, where both Betsafe and Casino Days are licensed.

At the same time, Alberta is progressing toward the launch of a regulated market for commercial iGaming operators. The province is expected to go live at some point this year, although no specific launch date has been confirmed. Rhino’s Canadian B2C entities are described as being positioned to expand into additional provinces as regulatory frameworks evolve.

For operators, provincial regulation determines licensing requirements, compliance obligations, and market access. For users, this affects which brands can legally offer services in a given province and under which regulatory authority they operate.

Strategic Rationale and Operational Impact

Betsson stated that the transaction aligns with its strategy of investing in existing and new B2C markets while growing its B2B business. The company expects the acquisition to add economies of scale, strengthen profitability, and expand growth opportunities across both segments.

By combining multiple licensed brands in Ontario with additional brands licensed under the Kahnawake Gaming Commission, Betsson increases its exposure to the Canadian market. At the same time, the integration of front end and middleware technology supports its broader B2B ambitions.

The deal does not include any confirmed plans for expansion beyond Canada. However, the transaction establishes additional operational and technological capacity within North America, pending regulatory approvals.

Our Assessment

The planned acquisition of Rhino Entertainment Group’s Canadian B2C business and B2B technology assets will expand Betsson’s licensed brand portfolio in Ontario and other Canadian jurisdictions while adding proprietary technology to its platform. With a purchase price of approximately €64.5m and expected completion in the second or third quarter of 2026, the transaction combines regulated market access with technology infrastructure and generated an estimated €13.7m in EBITDA in 2025 on a proforma basis.