Fortuna Entertainment Group completes TOPsport acquisition
The deal gives FEG a leading position in the Lithuania gaming market.
Lithuania.- Fortuna Entertainment Group (FEG) has announced that it has finalised its acquisition of the Lithuanian gambling operator TOPsport. The purchase of a 70 per cent stakes in the operator marks a significant step in the group’s expansion into the Baltic region, giving it leading position in Lithuania’s retail and online gambling markets.
FEG describing the transaction as the start of a “new chapter” in the Baltics. “As the leading operator in Lithuania, TOPsport has built a strong market position, a trusted brand, and a track record of excellence. We are proud to add this gold-medal performer to the FEG portfolio,” it wrote on LinkedIn.
Supported by parent company Penta Investments, the acquisition represents Fortuna’s first direct presence in the Baltics and extends its reach beyond Central and Eastern Europe. Established in 2002, TOPsport runs a major online sportsbook and casino alongside 54 retail outlets across Lithuania.
It employs more than 200 staff and has major sponsorship deals, including with the EuroLeague basketball team BC Žalgiris and Lithuania’s premier football league, TOPLYGA. The operator reported EBITDA of more than €65m in 2025, maintaining margins above 50 per cent, and has achieved compound annual growth of around 30 per cent since 2020.
The acquisition was financed through a CZK 1.7bn (€70m) bond issuance completed this summer, surpassing the initial target of CZK 1bn (€42m). Issued on the Prague Stock Exchange with private investors, the bond carries a five-year term at 7 per cent. FEG and Penta Investments plan to publish a new prospectus outlining financial terms and market outlook.
Under CEO Dieter John, FEG has been pursuing a strategy to become the most valuable gambling operator in Central and Eastern Europe. TOPsport joins regional brands such as Casa Pariurilor in Romania, PSK in Croatia and LOB in Montenegro. Executives believe the partnership will strengthen TOPsport’s market share in Lithuania amid increasing regulatory and economic pressures, including a rise in the tax rate on gross gaming revenue to 22 per cent and the lifting of the legal age for gambling to 21.
Leadership continues to explore merger and acquisition opportunities across Central and Eastern Europe, the Balkans and the Baltics.
