Rhino Entertainment Group has divested its entire B2C operations with Betsson snapping up its Canadian business, as well as a set of technology assets, for €64.5 million.

Betsson will pay €64.5 million to acquire Rhino’s Canadian assets, including licenses, personnel and operational capabilities related to the operator’s B2C activities in Ontario and the rest of Canada.

The total purchase price includes an upfront payment of €51.25 million at closing and a deferred payment of the remaining amount six months after closing. 

Betsson will finance the acquisition with existing cash resources.

The total purchase price corresponds to a multiple of approximately 4.7x EV/EBITDA based on proforma results for the target business during 2025.

In 2025, the acquired assets generated a combined estimated EBITDA of €13.7 million on a proforma basis.

In addition to the B2C assets, Betsson will acquire Rhino’s proprietary front-end and middleware technology, which will strengthen its B2B offering and expected to drive incremental licensing revenue within the company’s B2B division, which is also licensed in Ontario.

“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,” said Betsson. “The acquisition is expected to add economies of scale, strengthen profitability and expand Betsson’s growth opportunities in its B2C and B2B businesses.”

Completion of the Betsson deal is expected to take place after applicable regulatory clearances in the second or third quarter of 2026. 

The deal follows Rhino Entertainment’s decision to divest its entire B2C operations to Betsson and Alta Group.

In a statement on LinkedIn, Rhino Entertainment said that both Betsson and Alta Group “recognise Rhino as a strong, profitable, and fast-growing business that aligns closely with their strategic direction and long-term vision.”

“For Rhino, this transaction unlocks significant value from the B2C business we have built while allowing us to sharpen our focus on the next phase of growth and value creation,” said the company. “Building Rhino has been an incredible journey. A big thank you to the team, partners, and investors who helped create such a strong and scalable company.”

Betsson currently operates its Betsafe brand in Ontario, while Rhino operates the CasinoDays brand in the Canadian province, and also owns brands including Big Boost, Buusti Kasino, Lucky Spins, Big Lucky and Regal Rush.

Shares in Betsson AB (STO:BETS_B) were trading 7.17 per cent higher at SEK100.90 per share in Stockholm Thursday following the announcement.