The deal between Betsson and Rhino Entertainment Group secures two types of value simultaneously. On one hand, Betsson acquires Rhino’s consumer-facing business in Ontario and Canada, along with assets,licenses, personnel, and operational framework. On the other hand, the company now has access to Rhino’s proprietary front-end and middleware technology, which Betsson will be able to utilize within its B2B division.
That’s what sets this deal apart from the typical market entry narrative. Betsson is not merely buying customers or a presence in the local market. It is also buying tools that may affect how sites are built, operated, and licensed out. From a practical perspective, that gives the group the chance to bring commercial operations and platform abilities closer in alignment.
The total price, according to Betsson, is around €64.5 million, of which €51.25 million will be due at the closing of the deal, and the remainder will be payable six months later. Based on 2025 pro forma results for the target business, the reported price represents around 4.7x EV/EBITDA. The assets being acquired generated around €13.7 million in EBITDA last year. The company intends to fund the deal from existing cash.
Why Ontario Sits at the Center
The Ontario route remains the most transparent for private online gaming operators in Canada, and thus having a presence in the region remains significant. According to iGaming Ontario, its market reports detail the activity of operators from the launch date (April 4, 2022). Regulated platforms must be registered with the AGCO and have an agreement with iGaming Ontario.
That context helps explain Betsson’s timing. A new entrant into Canada through a regulated operation in Ontario doesn’t start from scratch. It steps into an already established compliance system and a market where regulated private operators know how to work. Betsson also mentioned that the Rhino business is set to grow further if more provincial structures are put in place.
What Happens Before Closing
The agreement is expected to conclude in either Q2 or Q3 of 2026. Therefore, the emphasis now turns from the headline figures to the actual work of securing regulatory approvals and seeing whether Betsson can leverage Rhino’s technology.
From a business point of view, Betsson appears to be using this deal to access a regulated market and the technology in one go. If the integration works out well, the potential benefit might come not just from the Ontario revenues, but also from how much of the Rhino platform Betsson could reuse.
