Flutter Entertainment has completed the acquisition of British online bingo operator Tombola for £402 million ($547 million).

A statement on the operator’s website quotes: “Flutter is pleased to announce that it has received all necessary regulatory conditions in connection with the acquisition of Tombola. With these matters now in place, the group has completed the cash acquisition, fully funded through current group cash and debt facilities”.

Tombola is an online bingo operator with headquarters located in Sunderland and Gibraltar. The company focuses on providing a low consumption bingo proposition. According to data from Tombola, it has about 400,000 monthly users.

Founded in 2005, it was the first UK-focused operator to introduce mandatory deposit limits. According to its financial reports, over 80% of its revenues come from UK customers and around 16% from Italy and Spain.

In November, Peter Jackson, CEO of Flutter, commented on the acquisition of Tombola: “Flutter is pleased to add Tombola, the UK’s leading bingo brand to the group. Tombola is a business we have long admired for its product expertise, a large customer base and focus on innovative games”.

“The brand aligns closely with Flutter’s Safer Play strategy, a key area for us. I’m excited to combine Flutter’s digital marketing expertise with Tombola’s operational capability within the UK and Ireland division.”

About Flutter

Flutter currently operates several betting and gaming brands including Paddy Power, Betfair, FanDuel, Fox Bet, Sportsbet, TVG, Adjarabet and PokerStars. The purchase of Tombola had been announced in November 2021.