Paddy Power owner Flutter Entertainment buys UK bingo operator Tombola for €480m

The deal requires approval by the Competition and Markets Authority in the UK, but it is expected t complete during the first three months of next year.

Paddy Power owner Flutter Entertainment has acquired UK online bingo operator Tombola for £402m (€480m).

The deal requires approval by the Competition and Markets Authority in the UK, but it is expected t complete during the first three months of next year.

In its last financial year, Tombola generated revenues of £164m and earnings of £38.5m.

The company boasts around 400,000 monthly players and generates 80% of its revenue from the UK and the remainder from Italy and Spain.

The deal diversifies Flutter’s product offering and strengthens its online presence in the UK gaming market.

“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,” said Flutter chief executive Peter Jackson.