Tombola, the Sunderland-based online gambling company, has achieved remarkable financial success for the year 2023. In its latest filing with Companies House, the firm disclosed a record revenue of £201.6 million, alongside a pre-tax profit of £50.7 million. This marks a significant improvement compared to previous reporting periods, showcasing the company’s rapid growth.
Previously, Tombola adjusted its financial year to align with that of its parent company, Flutter Entertainment. This led to an eight-month reporting period ending in 2022, during which Tombola generated £117.4 million in revenue and posted a pre-tax profit of £25 million. By comparison, the full 12-month period ending in April 2022 saw the company report £162.4 million in revenue but face a pre-tax loss of £46.5 million. The financial figures for 2023, therefore, mark a remarkable turnaround for the business.
Growth Strategy and Future Ambitions
Tombola, renowned for its focus on bingo-led online gaming, has expressed ambitions to further expand its market presence. The company’s board released a statement highlighting its intention to continue growing its share in established markets while exploring new, regulated territories. Tombola’s growth strategy is built around releasing high-quality in-house developed products and engaging customers through enticing promotional offerings.
This focus on innovation and customer engagement has allowed Tombola to maintain a competitive edge, even as the online gambling sector continues to evolve. The firm’s ongoing success is further reinforced by its parent company Flutter Entertainment’s substantial market presence.
Parent Company Flutter Entertainment’s Performance
Flutter Entertainment, one of the UK’s largest gambling operators, has also reported impressive figures. In March 2023, Flutter disclosed a surge in annual revenue, reaching £11.7 billion, up from £9.4 billion the previous year. However, the group did report a widening pre-tax loss, from £295 million to over £1 billion. Despite this, the group’s overall performance continues to be buoyed by strong demand across its markets.
Flutter Entertainment’s quarterly reports rarely provide a breakdown of individual brands like Tombola, but the parent company’s consistent growth suggests that Tombola’s success is contributing to Flutter’s overall positive outlook. Flutter’s strong performance is evident not only in the UK and Ireland but also in its rapidly expanding US market.
As the online gambling industry becomes increasingly competitive, Tombola’s success in 2023 signals the company’s ability to adapt and thrive. With its focus on innovative products and expanding into new markets, Tombola is set to maintain its momentum in the coming years.
