Betsson has completed the acquisition of the Canadian company Rhino Entertainment Group for a value of 64.5 million euros.
The deal, announced in March, includes the assets, licenses, personnel, and operational capabilities related to Rhino’s B2C activities in Ontario and the rest of Canada. It also covers the proprietary front-end and middleware technology used by Rhino in its B2B operations.
Betsson will make an initial payment of 51.25 million at the close of the transaction and a deferred payment of the remaining 13.25 million six months later. The Swedish online gaming giant will finance the acquisition with its existing cash resources.
The acquired business generated a proforma EBITDA of approximately 13.7 million in 2025. The transaction represents a multiple of approximately 4.7 times enterprise value over EBITDA.
“This transaction is consistent with our strategy of generating shareholder value by investing in new and existing B2C markets, while growing our B2B business,” Betsson stated in a press release.
The company expects the acquisition to deliver economies of scale, strengthen profitability, and expand growth opportunities in its B2B and consumer businesses.
Online gaming makes inroads in Canada
Betsson had been present in Canada, more precisely in Ontario, through the Betsafe brand, since 2023. However, the company decided to “temporarily close” the platform in March of this year. As of today, Betsafe does not appear among the authorized websites in that Canadian province.
For its part, Rhino Entertainment has operated in Canada since 2022, thanks to a license from the Kahnawake Gaming Commission. It owns seven brands, including Lucky Spins and Casino Days. The latter received authorization just a few weeks ago to launch in Alberta.
It should be noted that the regulated online gaming market in Ontario officially launched in April 2022, while Alberta opened its market on July 13 of this year.
Before the market’s launch, Alberta estimated that around 70% of online bets were placed with unauthorized operators. Under the current regulatory framework, 2% of gross gaming revenue is allocated to First Nations initiatives, one of Canada’s three indigenous peoples, while 1% is allocated to social responsibility programs.