Flutter Entertainment Acquires UK Online Bingo Site Tombola

Flutter Entertainment has acquired Tombola, one of the UK’s leading online bingo operators, for an enterprise value of £402m.

Tombola, with teams 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 £402m 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.

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“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,” Peter Jackson, Chief Executive of Flutter, said.