Privately-owned Central and Eastern Europe operator Fortuna Entertainment Group (FEG) has signed an agreement to acquire a 51% stake in Montenegro’s second biggest operator Lob, with an option to increase that stake in the future.
In 2024, Lob achieved a revenue of €30m, with 77% of its business conducted digitally and 23% through its 100 retail outlets. It is primarily a sports betting operator, with 65% of revenue derived from its sportsbook and 35% from gaming.
Fortuna Group CEO Dieter John commented: “Montenegro is a market with great potential and a clear EU direction. We will significantly invest into Lob, drive its growth and establish best-in-class capabilities and best practices.”
Penta Investments has been the majority owner of Fortuna since 2017, helping it expand beyond its home market of the Czech Republic and into Slovakia, Poland, Croatia and Romania. This acquisition is one of the largest foreign direct investments in Montenegro in recent years.
Lob is headquartered in the capital city of Podgorica and will add over 300 employees to Fortuna’s existing 4,500 staff.
Lob chairman Goran Knežević said: “The partnership opens a new chapter for our company. Cooperation with an international investor that shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”
Fortuna has made a number of changes to its C-suite in recent months, with CTO Vladimir Klein departing the business and Uroš Bibić joining as CFO.
The post Fortuna hails ‘new chapter’ after taking controlling stake in Montenegro operator Lob first appeared on EGR Intel.
Czechia-based operator to acquire 51% of Montenegro’s second largest operator with online and retail outlets
The post Fortuna hails ‘new chapter’ after taking controlling stake in Montenegro operator Lob first appeared on EGR Intel.