Flutter Entertainment plc — the Dublin-based owner of Paddy Power, Betfair and Fanduel — has acquired Sunderland-based Tombola, one of the UK’s leading online bingo operators, for an enterprise value of £402 million in cash.

Flutter said that Tombola, with teams primarily located in Sunderland and Gibraltar, is “a successful bingo-led gaming company with an emphasis on providing a low staking bingo proposition to a highly engaged customer base.”

It said Tombola was the first major UK focused operator to introduce “both mandatory staking and deposit limits, building a highly sustainable player base over the last 16 years.”

Flutter said that in its financial year to end of April, 2021, Tombola generated pro forma revenue of £164 million and EBITDA of £38.5 million.

Flutter CEO Peter Jackson said: “As the world’s leading online gambling operator, Flutter is delighted to add Tombola, the UK’s premier bingo brand to the group.

“Tombola is a business we have long admired for its product expertise, highly recreational customer base and focus on sustainable play.

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

“I am excited to combine Flutter’s digital marketing expertise with Tombola’s operational capabilities within the UK & Ireland division.

“As the time comes for Phil to hand over the reins, I would like to thank him for building the success story that the business is today, and I look forward to welcoming the Tombola team to Flutter and growing a sustainable business for the future together.”