Online gambling firm Tombola has reported a remarkable surge in revenue and profit for 2023.
The Sunderland-based company announced a revenue of £201.6 million and a pre-tax profit of £50.7 million, according to the latest filings at Companies House.
The company’s latest financial year figures highlight a significant growth. With revenue reaching £201.6 million and a pre-tax profit of £50.7 million, Tombola has made substantial strides compared to previous years.
In the eight-month reporting period up to the end of 2022, Tombola recorded revenues of £117.4 million and a pre-tax profit of £25 million. This adjustment in reporting was made to align with the financial calendar of its parent company, Flutter Entertainment.
In comparison, the full 12-month financial period ending on 30 April 2022, saw Tombola post a revenue of £162.4 million but encounter a pre-tax loss of £46.5 million, marking a significant turnaround in the current year.
With ambitions to expand its market presence, Tombola plans to capture a larger share of the bingo-led market. The board stated, “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.”
Strategic initiatives underpin this growth, with plans to release high-quality in-house-built products and reach customers through exciting promotional offerings.
Though Flutter Entertainment, which owns Tombola, is publicly traded on the London Stock Exchange, its quarterly financial outcomes do not typically break down Tombola’s performance individually.
Flutter reported a significant increase in revenue for 2023, rising to £11.7bn, up from £9.4bn. However, pre-tax losses also widened considerably, escalating from £295m to over £1bn.
In August, Flutter revised its forecasts upwards due to increasing demand from the US audience.
The firm predicted a 20% year-on-year increase in group revenue and a 34% rise in adjusted EBITDA by the end of 2024. This was after group revenue surged 20% to $3.6bn (£2.8bn) in Q2 2024, up from $3bn (£2.3bn) in the same quarter the previous year.
The US market demonstrated strong performance, with revenue growing by 39% during the quarter, jumping from $1bn (£779m) last year to $1.5bn (£1.2bn).
In the UK and Ireland, Flutter reported a 17% increase in revenue, rising to $928m (£723m) from £789m (£614m).
This strong performance across all territories demonstrates the firm’s robust market strategies and effective execution.
Tombola’s strategic vision includes continuous enhancement of in-house-built products and reaching customers through engaging promotions.
The company’s commitment to growth and innovation positions it favourably for future expansion and market penetration.
Tombola’s significant financial turnaround and strategic focus underscore its potential for sustained growth.
The company’s robust performance, supported by Flutter Entertainment’s broader market strategies, places it in a strong position to capitalise on future opportunities.