Betsson Group announced an agreement to acquire the Canadian B2C business and various technological assets of Rhino Entertainment Group for 65 million euros. This transaction includes Rhino's front-end and middle-office technology, assets, personnel, licensing permissions, and operational capabilities in Ontario and other Canadian provinces. Simply put, it's buying both customers and technology, killing two birds with one stone.
Transaction details: 65 million euros to be paid in two installments
Betsson values this acquisition at approximately 4.7 times EV/EBITDA, based on the EBITDA forecast for 2025. The acquired assets are expected to generate about 13.7 million euros in consolidated EBITDA in 2025. The first installment of 51.25 million euros will be paid at closing, with the balance paid six months after delivery. Funds come from Betsson's existing cash reserves, with a forecasted cash reserve of 215.6 million euros by the end of fiscal 2025. Regulatory approval is expected to be completed in the second or third quarter of 2026. Rhino operates seven brands including Casino Days and Lucky Spins, covering markets in Northern Europe and Estonia, and obtained an operating license in Ontario in 2023.
Strategic significance: Strengthening the B2C footprint and expanding B2B technology licensing
This acquisition aligns perfectly with Betsson's dual strategy: increasing its B2C business footprint in regulated markets and further expanding its B2B technology licensing business. Betsson plans to integrate the acquired technology into its own B2B products, creating new licensing revenue streams and supporting its expansion into the digital gambling services sector. Canada's recently liberalized online gambling market, such as Ontario, has attracted many international operators following legislative reforms. Betsson entered Ontario in 2022 through the Betsafe brand, and this acquisition marks a significant step in its expansion plans in Canada.
Future outlook: Maintaining growth momentum and exploring emerging markets
Betsson's CEO previously stated that shareholders are focused on how the company maintains returns and resilience while seizing opportunities and where the next round of growth will come from. Emerging markets, potential acquisitions, and B2B products are key areas of investor focus. This acquisition is expected to achieve anticipated synergies and revenue opportunities by effectively integrating Rhino's operational team, technology platform, and customer base. Want to stay updated on the latest global gambling M&A trends? PASA's official website keeps track.
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