Betsson has agreed to acquire Rhino Entertainment Group’s licensed B2C business in Canada, as well as a set of B2B-focused technology assets.
Betsson has agreed to acquire Rhino Entertainment Group’s licensed B2C business in Canada, as well as a set of B2B-focused technology assets.
The total purchase price is €64.5m, which works out at roughly 4.7x EV/EBITDA based on Rhino’s pro-forma financial results for full-year 2025.
The purchase price includes an upfront payment of €51.3m. The remainder will be provided via a deferred payment six months after the deal closes.
Betsson will finance the acquisition with existing cash resources.
The acquisition includes several Rhino entities that collectively hold assets and licences in Ontario and the rest of Canada, including members of staff.
Betsson will purchase the company’s proprietary front-end and middleware technology to strengthen its own B2B offering, predominantly through incremental licensing revenue.
“The transaction is consistent with Betsson’s strategy to generate shareholder value by investing in existing and new B2C markets and growing its B2B business,” the company announced in a press release.
“The acquisition is expected to add economies of scale, strengthen profitability and expand Betsson’s growth opportunities in its B2C and B2B businesses.”
What is Rhino Entertainment Group?
Rhino Entertainment Group is an online gambling operator founded in 2020. It is led by CEO Ross Parkhill and operates seven brands globally, including Casino Days.
Rhino has served Canadian customers since being granted a Kahnawake licence in 2022. The firm’s Canadian-facing brands include Big Boost casino.
In 2025, Rhino assets generated a combined estimated EBITDA of €13.7m.
There was no mention of Canada in Betsson’s most recent financial report. It will likely fall into the operator’s Rest of World reporting segment, which generated Q4 2025 revenue of €4.7m.
The deal is expected to complete in either Q2 or Q3 2026 but remains dependent on regulatory clearance.
Betsson’s share price climbed by more than 6% in early trading on Nasdaq Stockholm.