Tombola Bingo, one of the UK's biggest and best bingo sites, has been sold to Flutter Entertainment for £402 million.
Irish betting firm Flutter is the owner of popular gambling brands like Paddy Power, FanDuel, and Betfair. The deal, expected to be completed in the first quarter of 2022, will see the CEO Phil Cronin leave the company half a century after his father Frank started printing bingo tickets in the 1960s.
The Tombola online bingo site was launched 16 years ago and currently has a revenue base with more than 80% coming from the UK and 16% from Italy and Spain. Approximately 400,000 players use Tombola products every month, and the Sunderland-based company currently employs more than 700 people.
Under Phil who started Tombola in 1999, the company has recorded revenue growth of around 25 percent a year for the past five years and last year raked in revenues of £164million and profits of £38.5million.
Flutter chief executive Peter Jackson said: ‘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.’
‘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 for us.’
Flutter to Catch up on Bingo Rivals
Flutter, which also owns Sky Bet, has 3.1m online customers in the UK and Ireland and 625 betting shops.
However, when it comes to Bingo, it is fair to say that the Irish gambling company has lagged behind its rivals. Whilst there has been consistent growth in Sports betting and even the online casino areas of the Flutter business, the bingo side of the business has been somewhat neglected. Now, Flutter can add Tombola and low-deposit ethos to its offering.
Ben has been an massive bingo enthusiast and fan since playing at the seaside as a kid. Dedicated to bringing you the latest and best bingo news from the UK