Flutter Entertainment, which owns Leeds-based Sky Betting and Gaming, completes acquisition of Tombola

Flutter Entertainment, which owns Leeds-based Sky Betting and Gaming, has completed the acquisition of Tombola, one of the UK market's largest online bingo operators, for an enterprise value of £402m.

In a statement, Flutter said: "Flutter is pleased to announce that it has received all necessary regulatory confirmations with respect to the acquisition of Tombola. With these confirmations now in place, the group completed the acquisition yesterday in cash, fully funded through the group's current cash and debt facilities."

The acquisition was announced in November last year. Tombola, which has staff primarily located in Sunderland and Gibraltar, is a bingo-led gaming company with an emphasis on providing a low staking bingo proposition.

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Speaking in November, Peter Jackson, chief executive of Flutter, said: “Tombola is a business we have long admired for its product expertise, highly recreational customer base and focus on sustainable play.

In a statement to the City, Flutter said: "Flutter is pleased to announce that it has received all necessary regulatory confirmations with respect to the acquisition of Tombola. With these confirmations now in place, the group completed the acquisition yesterday in cash, fully funded through the group's current cash and debt facilities."

“The brand aligns closely with Flutter’s safer gambling strategy, a key area of focus for us.”

Tombola was the first major UK-focused operator to introduce both mandatory staking and deposit limits.

More than 80% of its revenues come from the UK, with 16% from Italy and Spain.

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