Fortuna Entertainment Group (FEG) has completed its acquisition of TOPsport, advancing its commercial interests in the Baltics.
Last March, FEG declared to markets that it had agreed to acquire a majority 70% stake in TOPsport. The deal that would see the CEE and Balkan gambling group take a podium place in Lithuania’s retail and online gambling sectors.
This morning, FEG confirmed the closing of its undisclosed transaction on LinkedIn, describing the deal as the beginning of a “new chapter” for its business in the Baltics.
The heritage gambling group stated: “as the leading operator in Lithuania, TOPsport has built a strong market position, a trusted brand, and a track record of excellence. We are proud to add this gold-medal performer to the FEG portfolio.”
Backed by parent company Penta Investments, the acquisition provides Fortuna with its first direct presence in the Baltic region and continues the group’s expansion beyond CEE markets.
Founded in Kaunas in 2002, TOPsport operates a major online sportsbook and casino platform alongside a network of 54 retail locations in Lithuania.
TOPsport reported EBITDA of more than €65m in 2025, maintaining a margin above 50%, while the business has achieved compound annual growth of approximately 30% since 2020.
Chasing CEE and Baltic top spot
As of 2025, FEG executes a news commercial strategy under the leadership of CEO Dieter John supported by Penta Investments, with the aim to become the highest valued Central and Eastern Markets operator of European gambling.
FEG enlarges its portfolio as TOPsport joins the ranks of Casa Pariurilor in Romania, PSK in Croatia and Montenegro-headquartered LOB.
Dealmakers cited confidence that FEG and TOPsport will increase market-share in Lithuania as competitors adjust to tougher economic and compliance demands such as GGR taxes increasing to 22% and Lithuania lifting its gambling age to 21, joining the European ranks of Belgium, Greece and Estonia (casinos and slots).
Further reforms will tighten advertising and player-protection requirements as Lithuania transitions towards its revised gambling framework.
Czech Bond for expanison
Czech bond for expansion Taking control of Topsport, FEG said: “This milestone marks another important step in our growth journey, strengthening our presence in the region and creating new opportunities to share expertise, drive innovation, and deliver exceptional experiences for our customers.”
The acquisition of TopSport is secured by FEG raising a CZK 1.7bn (€70m) bond issuance this summer. Proceeds of its bond with private investors of the Prague Stock Exchange saw the total issuance surpass initial target of CZK 1bn (€42m).
The Bond is set at a five-year 7% annual rate. FEG and Penta Investments will publish a new prospectus on the company’s financial terms and outlook in core markets.
Leadership continues to view M&A opportunities to advance its commercial interests in Central and Eastern Europe (CEE), Balkans and Baltic markets.