Betsson closes the purchase of Rhino Entertainment in Canada for €64.5 million
Betsson has announced the completion of the purchase of Rhino Entertainment Group's B2C business in Canada, as well as a set of technology assets for its B2B operations.
The acquisition includes several Rhino group entities that pool assets, licenses, personnel and operational capabilities linked to the company's B2C activity in Ontario and the rest of Canada. In addition to the customer-facing business, Betsson acquires Rhino's own front-end and middleware technology, which the Swedish operator plans to integrate into its B2B offering to generate additional licensing revenue.
The total price of the transaction amounts to €64.5 million, of which Betsson paid €51.25 million at closing, leaving a deferred payment of €13.25 million six months ahead. The figure equates to a multiple of approximately 4.7 times EV/EBITDA, calculated on an estimated pro-forma EBITDA of €13.7 million generated by Rhino's assets during 2025. Betsson has financed the purchase with its own cash resources.
Rhino Entertainment, founded in 2020 and led by CEO Ross Parkhill, operates seven brands internationally, including Casino Days, and has been licensed by the Kahnawake Gaming Commission since 2022.
