Flutter calls bingo as it buys Tombola for £402m

Gambling firm Flutter Entertainment said it had bought UK bingo operator Tombola for £402m.

Tombola, based in Sunderland and Gibraltar, specialises in low stakes bingo and was the first major UK-focused operator to introduce mandatory staking and deposit limits, Flutter said on Thursday.

In it’s the year to April 30, Tombola generated revenue of £164m and core earnings of £38.5m.

Flutter will pay £402m in cash. The transaction is conditional on clearance by the UK Competition and Markets Authority and is expected to complete in the first quarter of 2022.