Through a statement, Flutter Entertainment has announced it has completed the acquisition of the British online bingo operator Tombola for an enterprise value of £402m ($547m).
UK.- Flutter Entertainment has completed the acquisition of British online bingo operator Tombola for £402m ($547m).
The acquisition was originally announced in November 2021 and at the time Flutter said the addition of Tombola offered strategic benefits, expanding its reach in the bingo vertical where it has had a weaker presence.
Through a recent statement, the company said: “Flutter is pleased to announce it has received all necessary regulatory confirmations with respect to the acquisition of Tombola.
“With these confirmations now in place, the group has completed the acquisition in cash, fully funded through the group’s current cash and debt facilities.”
Tombola launched in the UK 16 years ago and now has more than 700 employees in offices in Sunderland and Gibraltar. It averages around 400,000 monthly players, and in its 2019-20 financial year, generated £120m in revenue, and £9.4m in net profit.
Founded in 2005, it was the first UK-focused operator while introducing mandatory staking and deposit limits. According to its financial reports, more than 80 per cent of its revenue comes from UK customers and about 16 per cent from Italy and Spain.
Last November, Flutter chief executive Peter Jackson said: “Tombola is a business we have long admired for its product expertise, highly recreational customer base and focus on sustainable play. The brand aligns closely with Flutter’s safer gambling strategy, a key area of focus for us.
“I am excited to combine Flutter’s digital marketing expertise with Tombola’s operational capabilities within the UK and Ireland division.”