Tombola purchased by Flutter for £402 million

Tombola purchased by Flutter for £402 million

The bingo-led gaming company boasts staff mostly in Gibraltar and Sunderland, and in its fiscal year ending in April 2021, it made £164 million in revenue and £38.5 million in EBITDA.

Assuming the UK Competition and Markets Authority grants merger control permission, Flutter is required to pay £402 million in cash upon completion for the entire company. By the first quarter of 2022, it should be finished.

Flutter claims that, among other things, acquiring Tombola gives a number of important strategic benefits, such as product diversity, a more engaged and long-term player base, and access to additional product capabilities and knowledge.

Aside from the obvious benefits to Flutter's primary UK market, the acquisition also fits in with Flutter's safer gambling goal of expanding its recreational client base, which is a huge plus.

"Flutter is delighted to add Tombola, the UK’s premier bingo brand to the Group," said Flutter Chief Executive Peter Jackson of the company, which is known as the world’s biggest online gaming operator. We have long held Tombola in high regard as an industry leader because to its innovative products, dedicated consumer base, and emphasis on environmentally responsible gaming.

This is an important area of focus for Flutter, and the brand's values are congruent with ours for safer gaming. I am thrilled to bring together the operational strengths of Tombola with Flutter's digital marketing expertise in the UK and Ireland sector.