FEG completes acquisition of TOPsport to expand in the Baltics

Fortuna Entertainment Group (FEG) has completed the acquisition of a majority stake in Lithuanian operator TOPsport, having originally announced the deal in March. Founded in 2002, TOPsport is the market leader in Lithuania, with EBITDA exceeding €65 million in 2025. FEG indicated that its owner, Penta Investments, made a record investment for the 70% stake, though the total transaction value was not disclosed.

Strategic Expansion in the Baltics

TOPsport operates an online sportsbook, a casino, and has retail points in 26 cities across Lithuania. Additionally, it sponsors the national football team and various local leagues and athletes. According to data from H2 Gambling Capital, the online market in Lithuania reached a GGR of €438 million in 2025.

FEG maintains operations in the Czech Republic, Romania, Slovakia, Poland, Croatia, and Montenegro. The Prague-based group entered Montenegro last year by acquiring a 51% stake in Lob, one of the largest operators in the country. In February, CEO Dieter John highlighted in an interview that FEG's preferred expansion strategy is through mergers and acquisitions, aiming to lead consolidation in the European iGaming industry.

Statements from FEG's CEO

Dieter John shared his enthusiasm on LinkedIn regarding the completion of the deal with TOPsport. "I am pleased to announce the successful close of the acquisition of TOPsport. TOPsport is the undisputed market leader in Lithuania, with a trusted brand and a track record of growth and excellence. This milestone marks an important step in FEG's ambitious growth path."

This acquisition strengthens FEG's presence in Central and Eastern European regions, creating new opportunities to share expertise, drive innovation, and provide an exceptional entertainment environment for its customers.

Innovation During the World Cup

During the World Cup, FEG launched a new advertising campaign and a 'quarters' betting market, thanks to hydration breaks introduced in the tournament. Users of FEG's Fortuna brand could bet on statistics such as goals scored and shots on target in each 'quarter'.

Data from H2 Gambling Capital

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