Fortuna Entertainment Group (FEG) has completed its acquisition of a majority stake in Lithuania-based operator TOPsport, following the initial announcement of the deal in March.
TOPsport, founded in 2002, is considered the market leader in Lithuania, having reported EBITDA upwards of €65m for 2025.
FEG said its owner, Penta Investments, had made a record investment to acquire the 70% stake, though the transaction value remains undisclosed.
TOPsport runs an online sportsbook and casino alongside retail outlets across 26 cities in Lithuania. It sponsors the country’s national football team and a number of local sports leagues and athletes.
As per H2 Gambling Capital data, the online market in Lithuania was worth €438m in GGR in 2025.
FEG is already live in Czechia, Romania, Slovakia, Poland, Croatia and Montenegro. The Prague-based business moved into Montenegro last year after taking a 51% stake in one of the country’s largest operators, Lob.
In a February interview with EGR, group CEO Dieter John said his company’s “preferred strategy” for expansion was M&A, noting he wanted FEG to be a “proactive driver of consolidation” in the European igaming industry.
Taking to LinkedIn to share the news of the completion of the TOPsport deal, John wrote: “I am thrilled to announce the successful closing of the acquisition of TOPsport yesterday.
“TOPsport is the undisputed leading operator in Lithuania, with a highly trusted brand and a track record of growth and excellence.
“TOPsport earned its gold medal position through outstanding execution, strong customer focus and its dedication to people.
“This milestone marks another important step in FEG’s ambitious growth journey, strengthening our presence in the Central Eastern Europe and South East Europe regions and creating new opportunities to share expertise, drive innovation and delivering an exceptional entertainment environment for our customers.”
During the World Cup, FEG unveiled both a new ad campaign and ‘quarters’ betting markets, made possible by hydration breaks at the midpoint of halves introduced for this year’s competition.
Users of FEG’s Fortuna brand were able to wager on the stats for each ‘quarter’, such as who ‘wins’, goals scored and shots on target.
Want to know more about the H2 Gambling Capital data behind this article? Register for free to learn more about exclusive H2 Gambling Capital market data and forecasts embedded within EGR‘s editorial coverage – the numbers the industry’s leading operators, suppliers and investors rely on.
The post FEG completes TOPsport acquisition to bolster Baltic expansion first appeared on EGR Intel.
Prague-based operator snaps up 70% share in the Lithuanian market leader, as CEO Dieter John hails “another important step” in group’s growth plans
The post FEG completes TOPsport acquisition to bolster Baltic expansion first appeared on EGR Intel.