Betsson AB has completed its €64.5 million acquisition of Rhino Entertainment Group’s Canadian B2C business and a set of proprietary B2B technology assets, securing the Swedish operator a broader footprint in Canada’s expanding igaming market ahead of Alberta’s anticipated regulatory launch.
The total purchase price of €64.5 million – equivalent to approximately USD $74.3 million – was structured as an upfront payment of €51.25 million (USD $58.8 million) at closing, with the remaining balance due six months after completion. Betsson funded the deal entirely from existing cash resources, with no associated debt issuance or equity raise. The transaction was announced in March 2026 and completed on 3 August 2026 following applicable regulatory clearances.
The acquired assets generated a combined estimated EBITDA of €13.7 million on a pro-forma basis in 2025, placing the deal at approximately 4.7x EV/EBITDA – a multiple that positions the transaction as earnings-accretive relative to recent North American igaming benchmarks. The acquisition covers several Rhino Group entities that collectively hold B2C assets, licenses, personnel and operational capabilities in Ontario and across Canada more broadly.
Brands and Technology
Rhino Entertainment, founded in 2020, operates Casino Days in Ontario via a subsidiary, alongside Big Boost, Lucky Spins, Buusti Kasino, Big Lucky and Regal Rush. The Kahnawake Gaming Commission has licensed those brands since 2022. Betsson currently operates its Betsafe brand in the regulated Ontario market, meaning the deal adds complementary brand coverage rather than duplicating existing presence.
Beyond the B2C portfolio, Betsson is acquiring Rhino’s proprietary front-end and middleware technology stack, which the company said will strengthen its B2B offering and drive incremental licensing revenue. Betsson’s B2B division is already licensed in Ontario and operates across regulated markets globally. The technology component gives the acquisition a dual return profile: direct B2C revenue from the acquired brands and downstream B2B licensing upside as Betsson deploys the stack with third-party operators.
Canadian Market Positioning
The deal arrives as Canada’s provincial igaming market continues to develop beyond Ontario’s April 2022 opening. Alberta’s regulated igaming framework is expected to go live this spring or summer, representing the next significant opportunity for private operators. Betsson stated that the acquired business is well-positioned to expand into additional Canadian provinces as local regulatory frameworks evolve.
The acquisition forms part of a broader divestment by Rhino, which simultaneously sold its non-Canadian B2C operations to Alta Group. Betsson shares traded approximately 7.2% higher on the day of the March announcement, closing at SEK 100.90 in Stockholm. The Rhino deal follows a pattern of European operators consolidating North American market positions through targeted acquisitions, a trend also visible in Entain’s Central and Eastern European asset activity as groups reshape geographic exposure.
Betsson said the acquisition is expected to add economies of scale, strengthen profitability and expand growth opportunities across both its B2C and B2B businesses.
Source: Casino.org
Petra Vanhoof has spent the better part of a decade following the shifting tides of gambling regulation across Europe and beyond. She came up through the compliance side of the industry before pivoting to writing, which gives her a grounded, no-nonsense perspective on the rules, loopholes, and political maneuvering that shape how operators actually do business. She is particularly drawn to the gap between what regulators say and what the market ends up doing in response.