Betsson is taking a new avenue to North American expansion after securing the B2B technology assets and B2C business licensed in Canada from Rhino Entertainment Group.
The operator stated that Rhino’s B2C business includes entities that hold assets, licences, personnel and operational capabilities related to its activities in Ontario and across Canada, which it says is ‘well-positioned to expand into additional Canadian provinces as local regulatory frameworks continue to evolve’.
In addition to the B2C business, Betsson is acquiring Rhino’s proprietary front-end and middleware technology to strengthen its B2B offering and drive licensing revenue.
The acquisition has a purchase price of approximately €64.5m, with an upfront €51.25m payment at closing and a deferred payment of the remaining six months post closing. Existing cash resources will be utilised by Betsson to finance the deal.
Alberta on the mind?
There appears to be alignment between Betsson’s deal for Rhino’s B2C business in Canada and with what is currently happening in the country’s iGaming landscape.
Alberta is continuing to progress towards a regulated market for commercial iGaming operators, as the Canadian province is expected to go live at some point this year, but its launch date is still unclear.
In Ontario, Betsson is now doubling up its approach. It has been operating Betsafe in the region since 2023, with Rhino brand Casino Days now joining that offering as it is licensed in the province.
LuckySpins and Big Boost will also join the Betsson portfolio, but these brands are licensed elsewhere in Canada under the Kahnawake Gaming Commission.
Whether or not this will lead to further expansion south of the Canadian border into the US remains to be determined, but it’s clear from this acquisition that the foundations for North American growth are being set.
Timeline and outlook
Pending applicable regulatory approvals, Betsson expects the Rhino assets acquisition to be completed in the second or third quarter of 2026, expressing optimism that the deal will bolster its operations given how they have performed over the past year.
Betsson stated: “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 acquisition is expected to add economies of scale, strengthen profitability and expand Betsson’s growth opportunities in its B2C and B2B businesses. In 2025, the acquired assets generated a combined estimated €13.7m of earnings before interest, taxes, depreciation and amortisation (EBITDA) on a proforma basis.”
