Betsson has finalised its €64.5 million purchase of Rhino Entertainment Group’s Canadian consumer business and selected technology assets.
The deal, which was first announced in March 2026, brings Rhino’s Canadian licences, staff, operating systems, and customer-facing assets under Betsson’s direct control.
The transaction also includes proprietary front-end and middleware technology that was previously used within Rhino’s business-to-business operations.
Betsson paid €51.25 million at closing, with the remaining €13.25 million due six months later, funded entirely from existing cash resources.
Rhino’s acquired operations generated an estimated pro forma EBITDA of €13.7 million during 2025, valuing the business at roughly 4.7 times enterprise value to EBITDA.
The purchase gives Betsson an established Canadian operation immediately, removing the need to build a market presence from the ground up.
The acquired technology can also be licensed to other operators through Betsson’s B2B division, opening an additional revenue stream beyond direct consumer activity.
Betsson expects the acquired platform to produce licensing revenue and improve economies of scale across both its B2B and B2C divisions.
Ontario opened its competitive regulated online gambling market in April 2022 and had 48 operators running 82 approved gaming websites as of 22 July 2026.
The acquired assets include operations already licensed in Ontario, meaning Betsson secures an immediate foothold inside that established provincial market.
Canada’s provincial regulatory landscape continued expanding when Alberta launched its own regulated online gambling market on 13 July 2026 with 22 registered sites.
Alberta became the second Canadian province to open a competitive market for private online operators, requiring player protection controls, activity statements, and a market-wide self-exclusion programme.
Before Alberta’s launch, the province estimated that approximately 70% of online gambling was occurring through unregulated operators, highlighting the scale of the opportunity for licensed businesses.
Alberta’s framework directs 2% of gross gaming revenue to First Nations initiatives and a further 1% toward social responsibility programmes.
Betsson had identified expansion into additional Canadian provinces as a key growth opportunity when the Rhino deal was first announced in March.
The acquired business already contains personnel and operational capabilities that cover Ontario and extend across the broader Canadian market.
With regulated markets opening progressively across Canada, Betsson’s newly established operational base positions the group to pursue further provincial expansion as opportunities arise.
