{"id":192386,"date":"2021-11-18T09:39:23","date_gmt":"2021-11-18T17:39:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=192386"},"modified":"2021-11-23T09:27:08","modified_gmt":"2021-11-23T17:27:08","slug":"flutter-expands-gaming-reach-with-acquisition-of-uk-bingo-platform-tombola","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/flutter-expands-gaming-reach-with-acquisition-of-uk-bingo-platform-tombola\/","title":{"rendered":"Flutter Expands Gaming Reach with $541M Acquisition of UK Bingo Platform Tombola"},"content":{"rendered":"

Flutter Entertainment has reached a definitive deal to purchase Tombola Limited, the UK’s largest online bingo and soft game operator. The acquisition will cost approximately $541.53 million.<\/p>\n

\"\"
Tombola’s headquarters, seen above. The 25,000sq ft office was built in 2017 and will now become part of Flutter Entertainment’s growing network of companies. (Image: Chronicle Live<\/em>)<\/figcaption><\/figure>\n

Flutter will now diversify its games collection and increase its market share within the UK, where Tombola makes 80% of its turnover.<\/p>\n

A statement from the global gaming giant, which recently lost a $300-million judgment<\/a> in Kentucky over PokerStars’ presence in the state years ago, explained the deal.<\/p>\n

“In its financial year to end April 2021, Tombola generated pro forma revenue of \u00a3164m ($220.95 million) and EBITDA of \u00a338.5m ($51.86 million). Under the terms of the transaction, Flutter will pay \u00a3402m in cash upon completion for 100% of the business.”<\/p>\n

The acquisition of Tombola will be complete by Q1 2022 trading. This is subject to merger control clearances from the UK Competition and Markets Authority.<\/p>\n

Tombola To Serve Flutter’s Ambitions<\/h2>\n

Tombola was founded by Phil Cronin in 2005. It advocates for sustainable play to protect its more than 400,000 monthly players and has been awarded the title of UK’s best value operator.<\/p>\n

\n

The unique distinction of the bingo room, which was built in-house, is that it was the first major UK brand with deposit and mandatory staking limits. This dynamic was highlighted by Flutter as one of the key elements behind the acquisition.<\/p>\n<\/div>\n

Flutter CEO Peter Jackson stated that the company has always admired Tombola for its product expertise and highly recreational customer base, as well as its focus on sustainable play.<\/p>\n

“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,” Flutter CEO Peter Jackson.<\/p>\n

Flutter Continues to Receive Analysts’ Support<\/h2>\n

The acquisition is likely to give Flutter another boost and more optimism among industry analysts.<\/p>\n

The cost is below what much of the M&A activity in the gaming industry is commanding these days. The company, based on the figures, could begin to see an ROI sooner than expected. Flutter, which has repeatedly been seen<\/a> as a high-value stock with continued upward momentum, could see additional optimism from analysts surface as a result of the purchase.<\/p>\n

\n

However, it will have to find some corrections first. In its latest earnings report, Flutter indicated that it saw year-on-year revenue growth of 9% between the third quarter of 2020 and 2021. While that was good news, the company’s exit from the Dutch market, as well as potential legal attacks<\/a>, could cause long-term damage. Its year-on-year revenue increased by 152.89%. However, its net income fell by 82.59%.<\/p>\n<\/div>\n

Trading on the London Stock Exchange, the company has seen steady declines in its stock price since around the middle of September.<\/p>\n","protected":false},"excerpt":{"rendered":"

Flutter Entertainment has reached a definitive deal to purchase Tombola Limited, the UK’s largest online bingo and soft game operator. The acquisition will cost approximately $541.53 million. Flutter will now diversify its games collection and increase its market share within the UK, where Tombola makes 80% of its turnover. A statement from the global gaming […]<\/p>\n","protected":false},"author":64,"featured_media":192814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81883],"tags":[],"acf":[],"yoast_head":"\nFlutter Expands Gaming Reach with $541M Acquisition of UK Bingo Platform Tombola - Casino.org<\/title>\n<meta name=\"description\" content=\"Flutter Entertainment has reached a definitive deal to purchase Tombola Limited, the UK's largest online bingo and soft game operator. 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