Betsson Completes €64.5m Rhino Entertainment Acquisition to Expand Canadian B2C Operations and B2B Technology Assets

Betsson has completed its €64.5m acquisition of Rhino Entertainment Group’s B2C business in Canada, together with proprietary technology assets intended to support B2B growth. The transaction, first announced in March, encompasses multiple Rhino entities that hold licences, personnel, and operational capabilities in Ontario and across the wider Canadian market, according to SBC News.

In addition to the consumer-facing operations, the deal includes Rhino’s front-end and middleware technology. Betsson anticipates this will strengthen its B2B offering and generate incremental licensing revenue. The acquired assets delivered an estimated €13.7m in EBITDA on a pro forma basis during 2025. The purchase price reflects approximately 4.7x EV/EBITDA, with €51.25m paid at closing and the balance due six months later. The entire transaction is being financed from Betsson’s existing cash resources.

A Rhino spokesperson said: “Today marks an important milestone for everyone at Rhino Entertainment as we officially complete the acquisition of various entities within our group by Betsson Group. This achievement is the result of months of dedication, collaboration and hard work. A heartfelt thank you to our incredible Rhino team, the teams at Betsson Group, and all of our external advisers and partners who worked tirelessly to make this happen. We’re proud of what we’ve built, grateful to everyone who contributed to this journey, and excited for what comes next.”

Betsson’s North American Presence and Recent Moves

Betsson has operated in Ontario via its Betsafe brand since 2023. The company discontinued its Betsafe operations in Colorado in 2024, effectively exiting the US B2C market. It remains interested in North American partnerships but does not treat the region as a core market for financial reporting purposes. The acquisition follows Rhino’s entry into the Alberta iGaming market, which launched last month.

Betsson has recorded its strongest recent growth in Latin America and Europe. The company is counting on Q2 results to offset a decline in H1 profits and close out a turbulent year on firmer footing.

The Strategic Calculus Behind the Deal

This transaction reflects a measured approach to regulated-market expansion. By securing both B2C licences and technology infrastructure at a 4.7x multiple, Betsson gains immediate scale in Canada while adding tools that can be licensed to third-party operators. From my vantage advising client-partners on gaming and securities matters across three decades, deals of this type often mark an inflection point where B2B capabilities help offset volatility in consumer-facing revenue. The six-month deferred payment structure further aligns incentives between the parties. How smoothly the technology integration proceeds will likely determine whether this acquisition delivers the anticipated lift to Betsson’s North American footprint.

Reporting: SBC News