Fortuna Entertainment Group has acquired a majority stake in leading Montenegrin retail and digital gaming operator Lob.
The Central and Eastern European-facing group will take a 51% share in Lob, recognised as Montenegro’s second-largest provider of sports prediction services and sports and gaming entertainment content. As part of the agreement, Fortuna has the option to increase its stake over time.
Lob generated revenue of €30 million ($34.7 million) in 2024 and employs more than 300 people, operating a network of around 100 points of sale.
While financial details were not disclosed, Fortuna said the acquisition represents one of the largest foreign direct investments in Montenegro in recent years. The Czech Republic-headquartered group added that the deal marks a significant step in strengthening its presence across Southeast Europe.
Fortuna enter Montenegro: Lob’s appeal
Fortuna – which already operates in Czech Republic, Slovakia, Poland, Croatia and Romania – said the acquisition would benefit both Lob and the wider Montenegrin gaming market.
Montenegro is an official candidate for European Union membership, with accession negotiations under way since 2012.
Dieter John, Fortuna’s group chief executive, said of the move: “Montenegro is a market with great potential and a clear EU direction. We will significantly invest in Lob, drive its growth and establish best-in-class capabilities and practices.
“Through our partnership with Lob, our goal is to contribute to the modernisation of the entertainment sector, enhance transparency and develop innovative solutions that improve user experience.”
Lob operates predominantly online, with 77% of its business conducted digitally and 23% through retail. Sports account for 65% of its activity, with gaming representing the remaining 35%.
Fortuna said it plans to modernise all Lob user touchpoints through investments in advanced technology management, AI-powered personalisation, analytics and insights, and the enhancement of digital platforms and online experiences.
Lob Chairman Goran Knežević said: “The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”
John was appointed as Fortuna’s new chief executive in January 2025, replacing the outgoing Victor Corcoran.
Fortuna has expanded into Montenegro via the acquisition of a 51% share in local operator Lob and has the option to increase its stake over time.