Paddy Power owner takes a flutter to buy online bingo operator Tombola

PADDY POWER owner takes a flutter to buy online bingo operator Tombola, one of the sponsors of I’m a Celebrity …. Get me Out of Here.

Flutter Entertainment plc which owns both Paddy Power and Betfair is due to purchase private company Tombola for £402 million subject to merger control clearance by the UK Competition and Markets Authority.

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 what is described as a highly engaged customer base.

Assuming approval is received, the takeover is expected to take place in the first quarter of 2022 and the operation has a fully regulated revenue base with over 80 per cent coming from the UK and 16 per cent from Italy and Spain

It boasts around 400,000 average monthly players with over 700 employees and in its financial year to the end of April 2021 Tombola generated pro forma revenue of £164 million and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) were £38.5 million.

Peter Jackson, Flutter Chief Executive, commented:

“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 (founder Phil Cronin) 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.”

Flutter confirmed that it was committed to retaining Tombola as a Sunderland based business after it recently moved into new premises in the city.

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