Betsson to acquire Rhino Entertainment’s Canadian business in €64 million all-cash deal

Betsson AB has reached an agreement to acquire Rhino Entertainment Group’s business-to-consumer (B2C) operations licensed in Canada, together with a portfolio of proprietary technology assets intended to support its business-to-business (B2B) activities, in a transaction valued at approximately €64.5 million.

The deal covers several Rhino Group entities associated with the company’s B2C operations in Ontario and across Canada.

These entities include licences, operational infrastructure, personnel and other capabilities that enable the business to serve customers in the Canadian market. The acquisition is expected to provide Betsson with a stronger foothold in the country, particularly as more Canadian provinces continue to open their online gaming markets through evolving regulatory frameworks.

In addition to the customer-facing operations, Betsson will also obtain Rhino’s front-end and middleware technology. The group said these systems will be integrated into its B2B segment, where they are expected to enhance the company’s platform offering and generate additional licensing opportunities.

According to proforma estimates for 2025, the combined assets included in the transaction generated approximately €13.7 million in earnings before interest, taxes, depreciation and amortisation (EBITDA). The agreed purchase price represents roughly 4.7 times the target business’s EBITDA.

The transaction will involve an upfront payment of €51.25 million upon completion, with the remaining balance to be settled six months after closing. Betsson said the acquisition will be financed through its existing cash reserves.

Completion of the deal remains subject to regulatory approvals and is expected to take place in the second or third quarter of 2026.

The company noted that the acquisition aligns with its broader strategy of expanding its presence in regulated B2C markets while simultaneously strengthening its B2B platform capabilities. By combining Rhino’s technology with its existing infrastructure, Betsson aims to achieve greater scale and unlock new growth opportunities across both segments of its business.

Betsson Group, which functions as the operational headquarters of Betsson AB, maintains a long-standing presence in Malta. The company established operations on the island in 2004, becoming one of the first online gaming operators to obtain a licence locally.

Today, Betsson employs more than 1,200 people representing over 60 nationalities in Malta, working across functions such as human resources, legal, finance, customer support, odds compiling, digital marketing and technology. Its Maltese operations are spread across two main locations: the Betsson Experience Centre in Ta’ Xbiex, an eight-storey building overlooking the marina, and the ESquared Hub in St Julian’s.