Betsson strengthens Canada presence, finalizing acquisition of B2C group Rhino Entertainment
Online gaming group Betsson AB has completed its acquisition of Canadian-licensed B2C gambling group Rhino Entertainment, including a set of proprietary technology assets.
In a statement, Betsson noted that the acquisition includes a range of Rhino entities “that collectively hold assets, licenses, personnel, and operational capabilities related to Rhino’s B2C activities in Ontario and the rest of Canada.”
Betsson will also acquire Rhino’s proprietary “front-end and middleware” technology, which the group adds will strengthen its B2B offerings and help drive licensing revenue.
News of the acquisition was first announced in March, with Betsson acquiring Rhino for an estimated price of €64.5 million (US$74.4 million)1 EUR = 1.1534 USD
2026-08-03Powered by CMG CurrenShift. Betsson also notes that, based on its 2025 earnings, its acquired assets generated an estimated €13.7 million (US$15.8 million)1 EUR = 1.1534 USD
2026-08-03Powered by CMG CurrenShift in EBITDA for the group that year.
The purchase of Rhino was split into two parts, with an upfront payment of €51.25 million (US$59.1 million)1 EUR = 1.1534 USD
2026-08-03Powered by CMG CurrenShift and the final amount due six months after the deal closed. In its statement, Betsson said the acquisition was funded through its existing cash resources.
Rhino operates several gaming brands across multiple markets, including Casino Days and Lucky Spins. It was awarded a license in Ontario in 2023. Betsson entered Ontario the year before, after launching its Betsafe brand in the province.
Canada is a pivotal market for Betsson, with Ontario currently the largest regulated market in the country, generating CA$3.2 billion (US$2.3 billion)1 CAD = 0.7126 USD
2026-08-03Powered by CMG CurrenShift in gross gaming revenue in its third year of operation. Alberta is also set to follow Ontario’s growth after launching on 13 July of this year.
In Betsson’s interim report for the first half of the year, the group noted that, while its B2C operations remained the driving force behind its revenue, its B2B operations were lower than the previous quarter. Commenting on the performance, Betsson Chief Executive Pontus Lindwall (pictured) said that the aim was to restore growth in its B2B operations.
“Our strategy is based on a balanced mix of B2C and B2B initiatives, and we are working hard to return to growth in B2B with both existing and new customers,” Lindwall noted. “With a competitive product offering and strong market positions, we are well placed to continue creating long-term value for our shareholders,” he furthered.
Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
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Canada deal follows pressure on Betsson’s B2B engine
Betsson’s move to complete the acquisition of Rhino Entertainment’s Canadian-facing operations did not emerge in isolation. It followed several quarters in which the Swedish operator’s direct-to-consumer business continued to expand while its business-to-business segment became a drag on earnings and investor attention. The Rhino transaction gives Betsson a larger regulated-market footprint in Canada and, just as important, proprietary front-end and middleware technology that management has said can strengthen its B2B offering.
The deal, valued at about €64.5 million when it was announced, gives Betsson control of Rhino entities tied to Canadian B2C operations, licenses, staff and technology assets. Rhino’s brands include Casino Days and Lucky Spins, and the group had already secured a license in Ontario, the country’s largest regulated online gambling market. Betsson had entered Ontario earlier through Betsafe, but the Rhino acquisition deepens its position in a province that has become a benchmark for regulated igaming in North America.
The acquisition also fits a pattern in Betsson’s recent results: B2C operations have been resilient, while B2B performance has been uneven. In its first-quarter update, Betsson said revenue and profit declined from the prior year as a key B2B customer weighed on results, even as consumer-facing operations held up. The company said the Rhino purchase was intended to create economies of scale, support profit growth and open new opportunities, particularly by adding technology assets to its platform. That context was central to Betsson’s weaker first-quarter performance, when management pointed to the transaction as part of the plan to rebuild B2B momentum.
Ontario became the first Canadian test case
Ontario’s regulated igaming market has become the focal point for international operators seeking a foothold in Canada. The province has drawn global brands because it offers a commercial framework, clear licensing requirements and enough scale to justify investment. For Betsson, that meant Canada could be approached not as a speculative market but as a regulated jurisdiction with established revenue potential.
When Betsson first disclosed the Rhino agreement, the rationale was already clear: acquire a Canadian operating base, add proprietary technology and position the company for future provincial expansion. Rhino was active mainly in Ontario, but Betsson noted that additional provinces could become relevant as they open to regulated private-sector operators. Alberta was identified as a likely candidate, reflecting broader expectations that Ontario’s model would influence other provincial frameworks. The structure of the deal, with €51.25 million due up front and the balance six months later, also showed that Betsson was willing to deploy existing cash into a market it viewed as strategically important. Those details were central when Betsson said it would acquire Rhino’s Canadian B2C arm and related technology assets.
The Canadian opportunity also carries operational stakes. Regulated markets generally bring higher compliance costs, gaming taxes and local-market spending. They can also offer more durable revenue once brands establish trust and distribution. For Betsson, whose results increasingly depend on locally regulated revenue, Canada adds a market where scale could matter more than short-term margin expansion.
Consumer growth masked weaker partner revenue
Betsson’s recent earnings history helps explain why Rhino’s technology mattered almost as much as its Canadian licenses. In the first quarter of 2026, group revenue fell 3% to €285.3 million and profit dropped to €25.5 million from €48.4 million a year earlier. The company said B2C revenue increased 15%, supported by Latin America and Western Europe, but B2B revenue fell sharply after the loss of one key customer. That shift underscored a vulnerability: Betsson’s consumer brands were gaining ground, but its partner-driven business needed renewal.
The company’s management has repeatedly described its strategy as a balance between B2C and B2B initiatives. But that balance became harder to maintain as B2C took a larger share of group revenue. In the second quarter, Betsson reported record revenue of €310.6 million, with B2C representing 84% of the total. Chief Executive Pontus Lindwall said the company was working to return B2B to growth, a message that echoed earlier disclosures. The World Cup helped lift customer activity and marketing intensity, but management said product development and market positioning were more important to long-term performance than any single tournament. That earnings update showed both the strength and the imbalance in the company’s model, as Betsson posted record second-quarter revenue ahead of the World Cup.
Rhino’s middleware and front-end technology therefore fit a specific need. Betsson does not only gain Canadian customers; it gains tools it can integrate into its broader platform strategy. If the assets improve speed, product flexibility or partner offerings, they could help address the weak link that has weighed on earnings comparisons.
Latin America provided the expansion template
Betsson’s appetite for Canada is also rooted in its experience in Latin America, where the company has invested for years and built some of its strongest growth markets. Latin America accounted for about one-third of group revenue in the first quarter and 36% in the second quarter, making it Betsson’s largest regional contributor. Peru was singled out for strength, while Argentina remained central to the company’s brand-building strategy.
The company’s Brazil license added another pillar to that regional expansion. Brazil’s regulated online gambling market opened Jan. 1, and Betsson received a license effective Feb. 25. The approval allowed it to offer online casino and sports betting products in a market expected to become one of the most important in global igaming. The company had already operated in Latin America for about 10 years, with licenses in Argentina, Colombia and Peru, making Brazil a natural extension of an established strategy. Betsson framed the approval as part of its plan to expand geographically through local regulation, as shown when Betsson obtained a Brazilian gaming license.
That Latin American playbook helps explain Canada. Betsson has been willing to absorb near-term investment costs in markets that are not yet fully profitable if management believes local regulation will support long-term scale. The same approach applies to Ontario and potentially Alberta: enter early, secure licensing, strengthen the product and wait for regulated markets to mature.
Margins remain the unresolved question
The strategic logic behind the Rhino acquisition is clear, but the financial backdrop remains more complicated. Betsson has continued to generate profit and cash, yet its results have shown margin pressure from taxes, licensing fees, personnel costs and investments in new markets. In the fourth quarter of 2025, group revenue slipped 1% to €303.9 million, though full-year revenue rose 8% to €1.2 billion. Profit for the year was €182.4 million, and the company ended 2025 with €158 million in cash. Still, deposits and handle declined in the quarter, and B2B activity remained weaker than B2C.
Management said at the time that locally regulated markets tend to bring higher taxes, a trade-off the company viewed as manageable if growth followed. Lindwall also said Betsson remained alert to mergers and acquisitions, though few targets fit its needs. The Rhino deal later offered exactly that combination: a regulated-market position, earnings contribution, operating personnel and technology. That sequence followed the company’s commentary after Betsson reported narrower fourth-quarter results and signaled it remained ready to buy when suitable assets became available.
The stakes now are execution. Betsson has used cash to buy a larger Canadian presence and technology it says can support licensing revenue. Ontario offers scale, and Alberta could expand the opportunity. But the company still must convert those assets into growth while managing higher regulatory costs and restoring confidence in B2B. The Rhino acquisition strengthens Betsson’s hand in Canada, but it also raises the bar for proving that regulated-market expansion can translate into durable earnings growth.
