The owner of Paddy Power and Betfair has agreed to buy UK bingo group Tombola for £402million.
Flutter Entertainment said it had “long admired” the online bingo company when it unveiled the all-cash deal.
Tombola founder Phil Cronin, who started the company 16 years ago, will leave the company after the acquisition, with him and his family expected to earn a fortune.
Based at sites in Sunderland and Gibraltar, Tombola has over 700 staff and around 400,000 average monthly users.
The deal is expected to be finalized in the first quarter of next year.
Peter Jackson, Managing Director of Flutter, said, “Tombola is a company that we have long admired for its product expertise, highly recreational customer base and focus on sustainable gaming.
“The brand closely aligns with Flutter’s safer gaming strategy, a key area for us.”
Tombola was the first major UK-focused operator to introduce both mandatory staking and deposit limits.
More than 80% of its income comes from the United Kingdom, including 16% from Italy and Spain.
Mr Jackson added: “As the time has come for Phil to pass the baton, I would like to thank him for building the success of the business today, and I look forward to welcoming the Tombola team. to Flutter and build a sustainable business. for the future together.