Tombola 2018 profits hit £19.2m on market expansion
Sunderland-headquartered firm enjoys uptick in profits ahead of imminent rise in Remote Gaming Duty
UK bingo operator Tombola has reported a 23% increase in turnover to £90.3m in 2018, after the group expanded its market share across the UK and Europe.
According to numbers filed with Companies House, the operator’s net profit before tax also rose 39% to £19.2m, primarily driven by the first full year of action for instant win gaming site, Tombola Arcade.
Tombola CEO Phil Cronin said: “The group is focused on the continual research and development of its products and invests much time and resource to ensure the highest quality of its product.”
Tombola flagged an online tax hike in the UK, with Remote Gaming Duty (RGD) set to rise from 15% to 21% in April 2019, as a major concern for the coming year, along with increased competition.
Tombola was among the first operators granted a licence to operate in Sweden’s re-regulated market in November 2018 while the firm also launched in Denmark this week.
