Written by: Mila Schirmer | Release date: Mar 17, 2026 | Last Edited: Mar 19, 2026
In a strategic move to strengthen its position in the North American iGaming market, Betsson Group has announced the acquisition of the Canadian operations of Rhino Entertainment for €64.5 million. The deal, valued at approximately 4.7 times Rhino’s projected 2025 EBITDA, signals Betsson’s growing ambition to expand in regulated markets, particularly in Canada.
The acquisition includes a portfolio of well-established online casino brands, proprietary technology solutions, and access to key regulated jurisdictions. While the transaction is still subject to regulatory approval, it is expected to close in the second or third quarter of 2026.
A Portfolio of Recognizable Brands
Rhino Entertainment operates a diverse range of online casino brands, many of which have gained traction in European and Canadian markets. Among its portfolio are Casino Days, Big Boost Casino, Buusti Kasino, Raketti Casino, Paratiisi Casino, and Lucky Spins.
For Betsson, the most valuable assets in this acquisition are the brands with a strong foothold in Canada. Casino Days, which is licensed in Ontario, stands out as a key entry point into one of North America’s most tightly regulated and rapidly growing iGaming markets. Similarly, Big Boost Casino operates under a license from Kahnawake, providing additional reach within the Canadian player base.
These brands are expected to be integrated into Betsson’s broader portfolio, allowing the company to immediately scale its presence in the region without starting from scratch.
Strategic Entry into the Ontario Market
The acquisition is particularly significant due to its implications for Betsson’s access to Ontario. Since launching its regulated online gambling market in 2022, the province has become one of the largest and most competitive iGaming jurisdictions in North America.
For a company like Betsson, which has historically focused on Europe and Latin America, entering Ontario represents a major milestone. The market offers strong revenue potential, clear regulatory frameworks, and a large base of engaged players.
Interestingly, Canada has not previously been broken out as a separate reporting segment in Betsson’s financial statements. Instead, it has been included in the “rest of the world” category, which generated approximately €4.7 million—around 1.65% of total revenue—in the fourth quarter of 2025.
With the addition of Rhino’s Canadian operations, this is likely to change. Analysts expect Betsson to place greater emphasis on North America in future reports, particularly if the Ontario market continues to deliver strong growth.
Technology as a Key Driver
Beyond brand acquisition, the deal also includes Rhino Entertainment’s proprietary technology solutions. This aspect of the transaction could prove just as valuable as the customer-facing brands.
By integrating Rhino’s platform and backend systems, Betsson aims to enhance its technological infrastructure and expand its B2B capabilities. This could enable the company to offer white-label solutions, improve operational efficiency, and accelerate product development across its global portfolio.
In an increasingly competitive iGaming landscape, where user experience and platform performance are critical, owning advanced technology can provide a significant competitive edge.
Deal Structure and Financing
The total consideration for the acquisition is €64.5 million, with €51.3 million to be paid upfront upon closing. The remaining balance will be settled within six months, depending on the final terms of the transaction.
Betsson has confirmed that the acquisition will be financed entirely through its own funds, underscoring the company’s strong financial position and confidence in the long-term value of the deal.
The valuation—4.7 times projected 2025 EBITDA—appears relatively attractive compared to recent transactions in the sector, suggesting that Betsson may be securing the assets at a favorable price.
Market Reaction and Investor Confidence
Investors have responded positively to the announcement. Following the news, Betsson’s shares listed on Nasdaq Stockholm rose by more than 6%, reflecting optimism about the company’s expansion strategy and growth prospects.
Market analysts view the acquisition as a logical step for Betsson, aligning with broader industry trends toward consolidation and geographic diversification. By entering a regulated market like Ontario, Betsson reduces its reliance on less stable jurisdictions and positions itself for sustainable long-term growth.
Regulatory Hurdles Ahead
Despite the positive outlook, the deal is not without its challenges. As with any acquisition involving regulated gambling markets, approval from relevant authorities will be required before the transaction can be completed.
Regulators in Ontario and other jurisdictions will likely scrutinize the deal to ensure compliance with licensing requirements, consumer protection standards, and competition laws. While there are no immediate indications of obstacles, the approval process could influence the final timeline.
A Broader Industry Trend
Betsson’s move reflects a wider trend within the global iGaming industry, where operators are increasingly seeking to expand into regulated markets through acquisitions rather than organic growth.
This approach allows companies to bypass lengthy licensing processes and gain immediate access to established customer bases and operational infrastructure. It also highlights the growing importance of markets like Canada, which offer a balance of regulatory stability and growth potential.
For Rhino Entertainment, the sale represents an opportunity to realize value from its Canadian operations while potentially focusing on other markets or strategic priorities.
Looking Ahead
If completed, the acquisition will mark a significant milestone for Betsson Group, transforming its presence in North America and opening new avenues for growth. The combination of established brands, advanced technology, and access to the Ontario market positions the company well for future expansion.
At the same time, the deal underscores the increasing competitiveness of the iGaming sector, where scale, technology, and regulatory access are becoming key differentiators.
As the transaction moves toward completion, all eyes will be on how Betsson integrates Rhino’s assets and leverages them to strengthen its global position. For now, the market’s reaction suggests that investors are optimistic about what lies ahead.
