Betsson reaches €64.5M agreement for Rhino Entertainment Canadian iGaming operations

Key Points

• Betsson will purchase Rhino Entertainment Group’s licensed Canadian B2C iGaming business and technology assets for €64.5 million as part of market expansion plans.
• The agreement covers operational infrastructure, licences, personnel and proprietary front-end and middleware technology supporting the group business systems.
• Completion of the acquisition is expected during Q2 or Q3 2026 after regulatory approvals and standard closing requirements receive confirmation.

Betsson has agreed to acquire Rhino Entertainment Group’s licensed business-to-consumer operations in Canada along with technology assets valued at €64.5 million. The transaction supports Betsson strategy to expand igaming operations and technology capability across regulated markets while strengthening company position in North America. Several Rhino Entertainment Group entities linked with consumer igaming activity in Ontario and across Canada form part of this acquisition agreement. Those entities hold operational infrastructure, licences, assets, personnel and customer systems connected with Rhino operations serving players across the Canadian market. The business already serves customers across Canada and holds a position for further expansion as provinces continue introducing regulated igaming frameworks.

Rhino Entertainment’s Background and Presence in the Canadian Gambling Market

Rhino Entertainment Group operates as an online gambling operator founded in 2020 under the leadership of chief executive Ross Parkhill. The company runs seven brands worldwide including Casino Days and started serving Canadian customers after receiving a Kahnawake licence in 2022. Its Canadian brands include Big Boost Casino which forms part of a wider portfolio of gambling products directed toward the Canadian market. The recent liberalisation of online gambling laws in Canada attracted many operators after legislative reforms opened access to regulated market participation. Ontario has become a key regulated market where global gambling companies now seek operational presence inside the country. The Rhino acquisition gives Betsson operational entry into this environment while positioning the company for opportunity as provinces introduce frameworks. Alongside consumer operations Betsson will also obtain Rhino’s proprietary front-end and middleware technology within the agreement.

That technology will support Betsson B2B platform offering and may produce licensing revenue through partnerships with operators using the igaming platform. By adding those assets into the platform business Betsson intends to extend service reach while strengthening technology licensing activity. Based on pro forma results for the full year 2025 the acquired assets generated estimated earnings before interest taxes depreciation and amortisation of €13.7 million. This figure equals about $15.9 million in combined EBITDA produced by Rhino assets during the same period. The agreed purchase price therefore reflects an enterprise value to EBITDA multiple of roughly 4.7 times using those results. Under the agreement terms Betsson will pay about €51.25 million at closing which equals roughly $59.5 million. The remaining purchase amount will arrive through a deferred payment scheduled six months after completion of the transaction.

Betsson confirmed it will finance the acquisition through the use of existing company cash resources. The transaction includes Rhino entities holding licences and assets across Ontario and wider Canada together with operational teams supporting company activities. Integration of Rhino teams, technology systems and customer base into Betsson infrastructure is expected to support expansion and operational scale across segments.

Strategic Expansion and Financial Position

Betsson stated the acquisition matches the company’s strategy to invest in consumer igaming markets while providing technology services to other operators. The company said the deal follows its objective to create shareholder value through investment in B2C markets while growing the B2B platform business. According to Betsson combining Rhino Canadian igaming operations with technology capability should add scale, strengthen profitability and widen growth paths across divisions. Betsson indicated integration of Rhino operations and technology assets will help increase operational scale while extending the reach of the igaming platform. The company expects this acquisition to strengthen its presence in North America while supporting licensing partnerships through the B2B technology offering. The deal also arrives after a period of financial performance strength for Betsson during the previous year. Earlier during the year Betsson released fourth quarter financial results for 2025 reporting revenue worth hundreds of millions of dollars.

Part of those financial resources will now support the Rhino transaction within the company’s expansion strategy. Betsson chief executive Pontus Lindwall discussed growth ambitions during an interview in January while addressing investor focus on scaling opportunities. He noted shareholders were watching how the company would expand while maintaining the returns and resilience achieved during 2025. Investors also sought signals about the next stage of growth after record revenue and profit together with the launch of markets. Following the announcement of the acquisition Betsson share price rose more than six per cent during early trading on Nasdaq Stockholm. The movement showed investor reaction toward the company’s continued expansion activity and technology development strategy. Canada had not appeared within Betsson’s most recent financial report prior to the acquisition announcement.

The market will likely enter the Rest of World reporting segment once the completion of the acquisition occurs. That segment generated €4.7 million in revenue during the fourth quarter of 2025. The transaction remains subject to regulatory approvals and standard closing requirements before final completion can occur. Betsson expects completion during the second or third quarter of 2026 once required regulatory clearances arrive. Gernandt & Danielsson Advokatbyrå acts as legal adviser to Betsson for this transaction while supporting the company through acquisition procedures.