Flutter Entertainment will acquire U.K. online bingo company Tombola for £402 million (US$535 million) in an all-cash deal. Tombola averages about 400,000 monthly customers and employs 700.
Phil Cronin, who founded the company 16 years ago, will exit after the acquisition concludes in the first quarter of 2022, according to the Belfast Telegraph.
“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,” said Peter Jackson, chief executive of Flutter.
Through April 30, Tombola earned £38.5 million on revenues of £164 million. More than 80 percent of its revenues come from the U.K., with 16 percent from Italy and Spain.
Sunderland-based Tombola has garnered further recognition as one of the best workplaces and employers of the Northeast of England, according to SBC News.
“The brand aligns closely with Flutter’s safer gambling strategy, a key area of focus for us,” Jackson said.
Tombola introduced mandatory staking and deposit limits, a first for a major U.K.-focused operator.
