Flutter Entertainment, the company behind the biggest betting operator in Australia, Sportsbet, has acquired British bingo company Tombola. The acquisition was finalized after Flutter got the green light from regulators for the £402 million (A$761 million) deal.
In the announcement Flutter released, the company said that the acquisition of Tombola would deliver “key strategic advantages”. The diversification of Flutter’s products was quoted as the most significant benefit for the Sportsbet owner.
The company added that the Tombola deal would enhance the responsible gambling approach Flutter advocated but would also result in a sustainable customer base and more engaged players.
Two Flutter Acquisitions in a Short Period
Flutter’s chief executive, Peter Jackson, said that acquisition of Tombola was in his company’s plans for a long time as the Tombola brand aligned perfectly with Flutter’s long-term strategy.
He added that they admired Tombola’s products and their expertise for very long and credited the British bingo company for managing to attract and hold on to its “highly recreational customer base”.
Jackson went on to say that he was excited to combine Tombola’s operational capacity with Flutter’s expertise in digital marketing. He also thanked Tombola’s CEO Phil Cronin for making the company what it was today and said that he looked forward to welcoming everyone in the Tombola team to Flutter.
The Tombola deal follows Flutter’s acquisition of Sisal, an Italian online gaming provider. Sisal was part of the CVC Capital Partners Fund VI before Flutter acquired it for £1.62 billion (A$3.07 billion).
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