Revenue and profit at online bingo site Tombola, which is part of the gaming giant behind Paddy Power and Betfair, jumped to record levels in 2023, it has been revealed.
The Sunderland-headquartered company has posted a revenue of £201.6m for its latest financial year as well as a pre-tax profit of £50.7m, according to newly-filed documents with Companies House.
Tombola’s previous financial period was the eight months to the end of 2022 after its year was moved to align with its owner, Flutter Entertainment.
For that period, the firm’s revenue stood at £117.4m and its pre-tax profit was £25m.
Tombola posted a revenue of £162.4m and a pre-tax loss of £46.5m for its last 12-month financial period, the year to 30 April, 2022.
Tombola eyeing greater market share
A statement signed off by the board said: “The group continues to focus on growing its market share of the bingo-led market in existing territories while looking at opportunities to enter new regulated markets.
“The strategy is underpinned by plans to continue releasing high quality in-house built products and reaching our customers through exciting promotional offerings.”
While Flutter Entertainment is listed on the London Stock Exchange and reports its financial results every quarter, they do not include the detailed performance of Tombola.
As revealed in March this year, Flutter Entertainment achieved a revenue of £11.7bn for 2023, up from £9.4bn but its pre-tax loss widened significantly from £295m to over £1bn.
In August, Flutter Entertainment upped its guidance amid booming demand from its US audience.
The Dublin-headquartered firm, which is listed in New York but has a secondary listing in London, has projected a 20 per cent year-on-year increase in group revenue and a 34 per cent rise in adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) by the end of 2024.
The company upgraded forecasts after group revenue jumped 20 per cent to $3.6bn (£2.8bn) in the three months ending 30th June 2024, up from $3bn (£2.3bn) in the same period of 2023.
This was driven by strong performances in all of its territories. US revenue climbed 39 per cent during the quarter from $1bn (£779m) last year to $1.5bn (£1.2bn). UK and Ireland revenue increased 17 per cent to $928m (£723) from £789m (£614m).