The transaction, announced in March, brings Rhino’s Canadian licences, staff, operating systems and customer-facing assets under Betsson’s control.
It also includes proprietary front-end and middleware technology used within Rhino’s business-to-business operations.
Betsson was to pay €51.25m at closing, with the remaining €13.25m due six months later. The Stockholm-listed group is funding the deal from existing cash resources.
Rhino’s acquired operations generated estimated pro forma EBITDA of €13.7m during 2025. That values the business at roughly 4.7x enterprise value to EBITDA, according to Betsson.
The purchase gives Betsson an established Canadian operation rather than requiring a new market build. It also adds technology that can be licensed to other operators through Betsson’s B2B division.
Betsson expects the acquired platform to produce additional licensing revenue and improve economies of scale. The group also expects the assets to strengthen profitability across both sides of its business.
The acquisition also broadens Betsson’s revenue base beyond direct customer spending. Rhino’s middleware can be supplied to third parties, creating a separate route for Canadian and international growth.
Canadian iGaming begins to gain traction
Ontario opened its competitive regulated online gambling market in April 2022. The province had 48 operators running 82 approved gaming websites as of 22 July 2026.
The acquired operations include assets already licensed in Ontario. Betsson therefore gains an immediate additional position inside an established provincial market.
Canada’s provincial structure is also widening. Alberta launched its regulated online gambling market on 13 July with 22 registered sites.
Alberta became the second province to create an open market for private online operators. The province requires player protection controls, activity statements and a market-wide self-exclusion programme.
Before launch, Alberta estimated that about 70% of online gambling occurred through unregulated operators. Its framework directs 2% of gross gaming revenue to First Nations initiatives and 1% to social responsibility programmes.
Betsson identified expansion into additional provinces as a growth opportunity when announcing the deal. The acquired business already contains personnel and operational capabilities covering Ontario and the wider Canadian market.
Betsson now has a Canadian operating base that could support expansion as more provinces open regulated markets to private operators.
Dingnews.com 04/08/2026