Fortuna Entertainment Group (FEG) has entered the Baltic market through the acquisition of a 70% stake in Lithuania’s leading iGaming operator TOPsport.
The transaction, backed by FEG’s parent company Penta Investments, represents one of the largest foreign investments in Lithuania in recent years and highlights the Czechia-based firm’s ambitions to strengthen its regional footprint. It also marks a record investment for Penta.
Founded in 2002 and headquartered in Kaunas, TOPsport is the market leader in Lithuania’s online sports betting and gaming sector, holding more than 50% market share. The company combines a highly developed digital platform with a retail network of 54 locations nationwide.
In 2025, the business reported EBITDA of more than €65m (£56m), maintaining a margin above 50% and delivering around 30% compound annual growth since 2020.
The company employs over 200 people and has built high brand recognition through major sponsorships, including partnerships with basketball club BC Žalgiris, the Lithuanian Football Federation and the country’s top football division.
“After more than two decades, TOPsport has become an inseparable part of Lithuania’s sports and entertainment landscape, built from the ground up into the country’s leading omnichannel operator,” said Gintaras Staniulis, TOPsport Co-Founder and Strategic Consultant.
“Today, we open a new chapter by joining Fortuna Entertainment Group. FEG brings global scale, technological strength, and responsible gaming standards that will elevate the business to new heights, while our customers benefit from the widest entertainment offering and the highest level of platform security.
“We remain true to our roots, but from here, with the strength of a leading European group behind us.”
FEG makes another major step
FEG said the acquisition provides a strategic entry into the largest country in the Baltics and will now leverage TOPsport’s local expertise and digital capabilities to accelerate growth and expand its product offering.
Dieter John, Chief Executive Officer of FEG, described the move as a “major step” in the company’s strategic roadmap.
He added: “This step also reinforces our commitment to responsible gaming and regulatory excellence.
“Together, we will continue to uphold the highest standards and build on the principles that define how we operate as a group.
“I am proud of the work our teams have done to make this possible and excited for what we will achieve together with our new colleagues in Lithuania.”
The deal comes amid wholesale regulatory changes in Lithuania. The Seimas (Parliament) is set to establish a new gambling regime by 2028, which will include stricter advertising laws and an increased focus on player protection.
The legal gambling age also rose from 18 to 21 in July 2025, with the exception of national lottery draws. Gambling tax rose from 20% to 22% in January 2025.
Despite uncertainty in the country, FEG is confident that it will reap the rewards of acquiring TOPsport. The move is a statement one in the Baltic region and will expand its portfolio, which already includes Romanian operator Casa Pariurilor, Croatia’s PSK and Montenegro-headquartered LOB.