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Flutter Acquires Bingo Operator Tombolo in a £402 Million Cash Deal
Flutter Entertainment has acquired Tombola, one of the UK’s leading online bingo operators, in a £402 million cash transaction.
Tombola, primarily located in Sunderland and Gibraltar, is a successful bingo-led gaming company with an emphasis on providing a low staking bingo proposition to a highly engaged customer base. Tombola was the first major UK-focused operator to introduce both mandatory staking and deposit limits, building a highly sustainable player base over the last 16 years. 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 £402 million in cash upon completion for 100% of the business. The transaction is conditional on merger control clearance by the UK Competition and Markets Authority and is expected to complete in Q1 2022.
Peter Jackson, Chief Executive of Flutter, 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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Author: iGaming Team