Flutter Entertainment has kept its merger and acquisition strategy in 2022 with a couple of new deals.
Yesterday, one of the biggest British gambling companies revealed it completed the acquisition of UK online bingo operator Tombola, with staff mainly located in Gibraltar and Sunderland. The company is primarily focused on the provision of low-staking bingo options, with its own data reporting for an engagement of approximately 400,000 users every month. Tombola became the first UK-focused gambling operator that rolled out both mandatory deposit limits and maximum stakes. Financial reports have revealed that British customers account for more than 80% of its revenue, while customers from Italy and Spain generate about 16% of it.
The deal, which was originally announced by Flutter Entertainment in November 2021, is estimated at a total of £402 million.
In a statement, the UK gambling giant revealed that it has received all necessary regulatory confirmations to finalise the acquisition of Tombola. With the confirmations now received, it had completed the transaction in cash, with the group financing the acquisition deal through its existing cash and debt facilities.
At the time when the Tombola takeover deal was announced in November 2021, the CEO of Flutter Entertainment, Peter Jackson, praised the UK online bingo operator for its product expertise, focus on sustainable play and highly recreational customer base. He further noted that the bingo brand vision is in line with the safer gambling strategy that remained a key area of focus for Flutter Entertainment. According to Mr Jackson, the transaction would bring an exciting combination of the digital marketing expertise of his company and the operational capabilities of Tombola within the UK and Ireland unit.
Flutter Expands Presence in Italy through the Acquisition of Sisal
Tombola has not been the only acquisition target for Flutter Entertainment in the last few months.
A few weeks ago, the British gambling giant announced the takeover of the leading online gaming operator Sisal from CVC Capital Partners, which provided it with excellent positioning in Italy that is currently Europe’s second-largest gambling regulated market. As Flutter Entertainment shared in a statement in December 2021, the acquisition of Sisal provided it with a high-quality omnichannel asset featuring a diversified product portfolio run by an experienced management team.
At the time when the takeover deal was announced, Mr Jackson explained that Sisal had grown its online presence a great deal over the last few years, thanks to its commitment to innovations and its excellent platform. He shared that the acquisition would be complementary to the operational capabilities, and product scale and differentiation of Flutter Entertainment.
The recent years have seen Sisal become a leading digital and international gaming company, as explained by its SEO Francesco Durante. The company has been committed to international expansion, digital innovation and promotion of safer gambling and managed to climb to the leadership position in the online gambling market of Italy.
On the other hand, Flutter Entertainment has remained focused on making big takeover moves as part of its strategy to expand its leadership in the online gambling sector not only in the UK but in Europe, too. Currently, the company owns a number of the biggest and most popular brands on a global scale, including Paddy Power, PokerStars, Betfair, Sky Bet, FanDuel, Sportsbet, FOX Bet, Adjarabet and TVG.
- Author
Olivia Cole
