Flutter Entertainment Completes £402m Purchase Of Tombola
Author: Dean Carr
Last Updated: 10th March 2023
Flutter Entertainment has agreed a deal to purchase Tombola Limited for £402m.
Tombola, which is the UK’s leading bingo and soft games provider, averages more than 400,000 monthly users and employs more than 700 people across their sites based in Sunderland and Gibraltar.
The official acquisition of Tombola is expected to be completed by Q1 in 2022 as Flutter looks to diversify their gambling portfolio, adding to their popular brands Betfair and Paddy Power.
The deal comes despite the recent £60m loss that Flutter suffered for the month of October in the aftermath of a run of customer-friendly sports results on Betfair and Paddy Power.
Tombola was founded by Phil Cronin back in 2005, who will leave the business once the acquisition has been officially completed. In those 16 years, Tombola has earned a glowing reputation within the industry for views on responsible gambling.
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NEW CUSTOMERS ONLY. Promo code YSKA00. Place your FIRST sports bet and if it loses we will refund your stake in cash, up to £/€10. Only deposits made using cards or PayPal qualify. T&Cs apply.The company introduced mandatory staking and deposit limits on their customer base and also gained recognition for being one of the best workplaces in the north east. They also posted earnings of £38.5m in the year to April 30 on revenues of £164m.
“In its financial year to end April 2021 Tombola generated pro forma revenue of £164m and EBITDA of £38.5m. Under the terms of the transaction, Flutter will pay £402m in cash upon completion for 100% of the business.” read an official Flutter statement.
Peter Jackson, Flutter Chief Executive, said: “As the world’s leading online gambling operator, 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 & Ireland division.
“As the time comes for Phil to hand over the reins, I would like to thank him for building the success story that the business is today, and I look forward to welcoming the Tombola team to Flutter and growing a sustainable business for the future together.”
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