Dublin-based Flutter Entertainment, owner of Paddy Power and Betfair has acquired Tombola, the UK’s leading online bingo brand in a £402million deal. Flutter said the takeover of the hugely successful Tombola brand will further enhance its foothold in a market where previously they had not seen much presence. The deal will add sustainability to Flutter’s existing player base and increase its presence within the UK market.
Flutter had admired how Tombola had taken gambling responsibility seriously, they were the first major UK company to introduce mandatory staking and deposit limits. Total revenue generated for the year up to April 2021 reached £164million with earnings of £38.5milion netted.
Tombola was founded back in 2006 by Phil Cronin, after 16 years at the helm, Phill decided the time had come to hand over the reins, he will leave the company after the acquisition is complete. Over the years, Tombola has become the UK’s biggest Bingo brand commanding an eclectic mix of players forming the fantastic bingo community Tombola maintains today. However, Phil always commanded the highest of standards while maintaining the core values from which the company’s reputation rides on today. Flutters chief executive Peter Jackson said, “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. “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,”