Swedish gaming giant Betsson has finalized its €64.5 million deal to acquire Rhino Entertainment Group’s Canadian consumer division along with key technology assets. This strategic move grants Betsson a direct foothold in Ontario’s regulated online gambling market and bolsters its technological infrastructure to support both consumer-facing and B2B activities.
Details of the Deal and Asset Ownership
Following the announcement made in March, Betsson has now completed the acquisition of Rhino’s Canadian business, which involves the transfer of licenses, staff, operating systems, and customer-facing assets. The deal also encompasses Rhino’s proprietary front-end and middleware technology, which is primarily used in its B2B operations.
Betsson disclosed that it will pay €51.25 million upfront, with an additional €13.25 million payable six months later. The company is financing this acquisition using its existing cash reserves.
Valuation Insights and Strategic Rationale
Rhino’s Canadian operations reportedly delivered an estimated pro forma EBITDA of €13.7 million in 2025. Betsson highlighted that this valuation implies an enterprise value-to-EBITDA multiple of approximately 4.7x. The acquisition provides Betsson with an established footprint in Canada, eliminating the need for building a new market presence from scratch.
Read Also: Kalshi Faces Legal Action from New York Over Alleged Illegal Prediction Markets.
Furthermore, Betsson anticipates that the included technology will facilitate additional licensing revenue through its B2B segment. The company believes these assets will enhance economies of scale and improve overall profitability on both the consumer and B2B sides.
Expanding in the Canadian Market
This acquisition grants Betsson an immediate presence in Ontario, where the regulated online gambling sector officially launched in April 2022. As of July 22, 2026, the province hosts 48 operators managing 82 approved gaming websites.
Betsson also sees potential for further growth as other provinces establish regulated markets. For example, Alberta launched its online gambling market on July 13, featuring 22 registered sites. Alberta’s framework mandates player protection measures, activity statements, a market-wide self-exclusion program, and allocates 2% of gross gaming revenue to First Nations initiatives and 1% to social responsibility programs.
