Betsson Returns to Canada's Regulated iGaming Market Through Casino Days Deal

Canada's regulated iGaming market has changed dramatically over the past few months. Alberta officially opened its regulated online gambling market in July, giving operators a second major provincial market after Ontario and triggering a wave of launches from companies such as Entain, BetMGM, FanDuel and others. Rather than simply chasing the well-established Ontario sports betting and market, global operators are now positioning themselves for a multi-province future where licenses, technology and established local brands have become increasingly valuable. That context makes Betsson's latest move far more significant than a routine acquisition.

On Monday, August 3, Betsson confirmed it has completed its previously announced acquisition of the Canadian B2C assets of Rhino Entertainment Group, paying €64.5 million (more than C$100 million) for the business. The deal immediately gives the Swedish gaming giant control of Casino Days' licensed Ontario operation while also providing a ready-made platform to expand into Alberta's newly regulated market. Betsson also acquires Rhino's proprietary front-end and middleware technology, strengthening both its consumer business and its growing B2B technology operation.

Betsson returns to Ontario after Betsafe's exit

For Betsson, this marks a return rather than a debut. The company entered Ontario's regulated market in 2023 through its Betsafe sportsbook and casino brand. However, Betsafe stopped accepting wagers on March 31, 2026, with the Ontario website simply stating that the platform would be "temporarily unavailable." Since then, Betsson has remained absent from Ontario's consumer-facing market while speculation grew about its long-term Canadian plans.

The Rhino acquisition changes that overnight. Rather than rebuilding operations or applying under a new brand, Betsson now owns Casino Days, a licensed Ontario online casino that has operated in the province since the regulated market launched. Founded in 2020, Rhino Entertainment built Casino Days into one of Canada's more recognizable online casino brands while also operating Big Boost and Lucky Spins in other Canadian jurisdictions under Kahnawake Gaming Commission licensing.

Betsson itself is one of Europe's largest online gaming companies. Headquartered in Sweden, the Nasdaq Stockholm-listed operator runs more than 20 betting sites across regulated markets worldwide, offering sports betting, online casino, poker and bingo. Expansion through acquisitions has long been central to its strategy, and Canada has become one of its highest-priority growth markets.

Why the Casino Days acquisition is about more than Ontario

While Casino Days is the headline asset, the acquisition extends far beyond a single online casino. Betsson has acquired Rhino's Canadian licenses, personnel, operational capabilities and customer-facing business. Just as importantly, it also gains Rhino's proprietary front-end platform and middleware technology, assets the company expects to strengthen its B2B division and create additional licensing revenue by supplying technology to other operators.

Financially, the transaction reflects Betsson's confidence in Canada's long-term potential. The company paid €51.25 million upfront and will pay the remaining balance in early 2027. Betsson valued Rhino's Canadian business at roughly 4.7 times enterprise value-to-EBITDA based on pro forma 2025 earnings and previously estimated the acquired assets would generate approximately €13.7 million in adjusted EBITDA.

The Alberta angle may ultimately prove even more important. Casino Days was among the operators that launched when Alberta officially opened its regulated iGaming market on July 13. Instead of waiting for licensing approvals or building a new operation from scratch, Betsson now owns a business that is already active in both of Canada's regulated online gambling jurisdictions.

What Betsson's return means for Canada's iGaming market

The acquisition illustrates how quickly Canada's regulated gambling landscape is evolving. Ontario is no longer the only province that matters. Alberta's arrival has created a second major regulated market, and more provinces are expected to examine similar frameworks over the coming years. Companies that already possess Canadian licenses, technology and operating experience are becoming increasingly attractive acquisition targets.

It also signals a broader shift in how international operators are approaching Canada. Rather than spending years building brands organically, companies are increasingly choosing acquisitions to gain immediate regulatory approval, experienced local teams and existing customer bases. That strategy shortens expansion timelines while reducing many of the operational risks associated with entering newly regulated markets.

For Canadian players, increased competition could ultimately lead to stronger casino and sports betting bonuses, improved products and more investment in technology. For competitors, Betsson's return raises the stakes in both Ontario and Alberta, particularly as more global operators look beyond a single province and begin building nationwide strategies.

Rhino described the sale as "an important milestone" for its business. For Betsson, it may represent something much larger: a rapid return to Ontario, an immediate presence in Alberta and a strategic position at the forefront of Canada's next phase of regulated iGaming growth.