Flutter Entertainment has completed the acquisition of UK online bingo operator, Tombola, for a value of £402m ($547m). The purchase had been announced in November 2021.
A statement on the operator's website read: “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 is a bingo-led operator with its staff mainly located in Sunderland and Gibraltar. The company focuses on providing a low-staking bingo proposition. According to Tombola data, it engages around 400,000 monthly users.
Founded in 2005, it was the first UK-focused operator that introduced both mandatory staking and deposit limits. According to its financial reports, over 80% of its revenues come from customers from the UK and around 16% from Italy and Spain.
In November, Peter Jackson, CEO of Flutter, commented on the Tombola purchase: “Flutter is delighted to add Tombola, the UK’s premier bingo brand, to the group. 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.”
Flutter currently operates several sports betting and gaming brands, including Paddy Power, Betfair, FanDuel, Fox Bet, Sportsbet, TVG, Adjarabet and PokerStars.