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Betsson Completes Rhino Deal to Enter Alberta iGaming Market

Betsson Completes Rhino Entertainment Acquisition – Entry Into Alberta iGaming Market Secured

Key Takeaways

• Betsson has completed the acquisition of Rhino Entertainment’s Canadian-facing B2C business.
• The deal is valued at approximately €64.5m, including €51.25m upfront and a deferred payment six months after closing.
• The transaction gives Betsson access to Alberta’s newly launched iGaming market.
• Rhino’s Casino Days platform is licensed in Ontario and Alberta, with additional brands licensed under the Kahnawake Gaming Commission.
• Betsson also acquires proprietary front-end and middleware technology to support its B2B operations.

Betsson Finalizes Purchase of Rhino’s Canadian-Facing Operations

Betsson has completed its previously announced acquisition of Rhino Entertainment, securing control of the company’s Canadian-facing B2C business entities. The transaction, first disclosed in March, includes assets, licences, personnel and operational capabilities tied to Rhino’s operations in Canada.

The total purchase price amounts to approximately €64.5m. According to the disclosed terms, €51.25m was paid upfront, while the remaining balance will be paid six months after closing.

Through the deal, Betsson acquires the Casino Days platform, which holds licences in both Ontario and Alberta. In addition, Rhino operates brands licensed elsewhere in Canada under the Kahnawake Gaming Commission. These assets provide Betsson with regulated market access in multiple Canadian jurisdictions.

Alberta’s Newly Opened iGaming Market Provides Expansion Opportunity

The acquisition gives Betsson a direct route into Alberta’s regulated iGaming market, which officially opened on 13 July after years of deliberation. At launch, 22 operator sites went live. More than 50 online sports betting and casino sites have been licensed by Alberta Gaming, Liquor and Cannabis.

Prior to completing the Rhino acquisition, Betsson did not participate in Alberta’s initial rollout. The company has been active in Ontario since February 2023 through its Betsafe brand, following the launch of Canada’s first regulated iGaming province. Alberta now represents an additional regulated environment within Canada’s expanding online gambling framework.

The Alberta market is projected to reach revenues of CA$1.35bn. Operators entering the province must comply with extensive licensing and responsible gambling requirements. The regulatory framework also includes a 20% tax structure applicable to licensed operators.

For international users evaluating crypto betting platforms and online sportsbooks, Alberta’s launch signals an increase in regulated options within Canada. However, only operators holding appropriate provincial licences can legally offer services in the market.

Competitive Landscape in Alberta

Betsson enters a market where several major North American gambling brands are already active. Among the operators competing for market share in Alberta are BetMGM, DraftKings, FanDuel and Caesars.

The province has a population of approximately five million residents. With more than 50 licensed sites and high-profile operators present, competition is expected to focus on product differentiation, regulatory compliance and responsible gambling standards.

For users, this means that brand recognition alone does not determine market access. Operators must meet Alberta’s regulatory standards and tax obligations. As more companies secure licences and launch, the number of available online sports betting and casino platforms continues to expand within the province’s regulated framework.

Technology and B2B Capabilities Included in the Transaction

In addition to Rhino’s B2C operations, Betsson acquires proprietary front-end and middleware technology. According to Betsson, this technology is expected to strengthen its B2B offering and support licensing revenue generation.

The acquisition aligns with Betsson’s stated strategy of investing in both existing and new B2C markets while expanding its B2B business. By integrating Rhino’s technology stack, Betsson aims to add operational scale and enhance profitability across its segments.

This dual focus reflects a broader approach in which operators combine direct-to-consumer brands with technology and services offered to other businesses. In regulated markets, proprietary technology can play a role in meeting compliance, reporting and responsible gambling requirements.

Acquisition Strategy in Regulated Markets

The Rhino deal follows a series of acquisitions completed by Betsson in recent years. These include betFIRST in Belgium, INKAbet in Peru and Colbet in Colombia. In 2024, Betsson also agreed to acquire Holland Gaming Technology and Holland Power Gaming. However, that transaction was later withdrawn after the Dutch Gambling Authority did not grant regulatory approval before the agreed deadline.

This track record shows that regulatory clearance remains a central factor in cross-border iGaming transactions. Deals may proceed or fail depending on approval timelines and compliance with local gambling authorities.

By completing the Rhino acquisition, Betsson expands its footprint within Canada’s regulated landscape. The transaction secures immediate operational capabilities and licensed market access rather than relying solely on organic licence applications.

Our Assessment

With the completion of the €64.5m Rhino Entertainment acquisition, Betsson gains licensed access to Alberta’s newly opened iGaming market and strengthens its presence in Canada alongside its existing Ontario operations. The deal includes regulated B2C brands, relevant licences and proprietary technology that supports both consumer-facing and B2B activities. Alberta’s framework, including licensing requirements and a 20% tax rate, defines the operating conditions under which Betsson and its competitors will compete in the province’s projected CA$1.35bn market.