Flutter Entertainment Set to Acquire Tombola
Flutter Entertainment continues to expand its ever-growing portfolio with the acquisition of the British company, Tombola. Tombola is one of the UK’s most popular bingo operators, with thousands of regular players using its services. The deal is said to be worth £402m, which is roughly €479m.
A Fantastic Addition to the Flutter Entertainment Portfolio
The terms of the deal will see Flutter take outright control of Tombola and all of its assets. The deal is an all-cash deal. Flutter already owns several major brands including the likes of Paddy Power and Betfair.
Tombola has done major business in recent years and will prove to be a useful addition to Flutter’s portfolio. Last year the company generated £120m in profit. The majority of the company’s business is done in the UK, with around 80% being generated there. A large part of the remaining 20% is generated in countries like Spain and Italy.
The company has grown considerably since it opened its doors back in 2005. It now employs over 700 staff members and has over 400,000 players using its products monthly. These numbers will no doubt have caught the eye of Flutter.
It has also just received a license to begin operating in the Netherlands. With the country’s market open for licensing for the first time, this will make Tombola an even more useful acquisition for Flutter as they look to move into the Dutch market.
A Great Success Story
Peter Jackson, the CEO of Flutter, was quick to acknowledge the success of Tombola and the impact this had on his company’s decision. They said that Tombola was a company that they had admired for some time and they praised the brand’s knowledge in its field. The company has also acknowledged that the vertical that Tombola is in is not its strongest, and this acquisition will help strengthen that considerably.
They also praised the company’s approach to safer gambling, stating that this aligns with their own company values. There is also excitement among the Flutter camp surrounding Tombola’s digital marketing skills and what they can bring to the table in both the UK and Irish markets.
It wasn’t just the company being praised. The founder, Phil Cronin, was also given kind words by Jackson. They said that they would like to thank him for all that he has done to build the company and that they look forward to taking over from him. The deal will be completed in the first quarter of 2022, providing that the deal is cleared by the UK Competitions and Markets Authority.
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