Fortuna Entertainment Group has expanded its Central and Eastern European footprint by acquiring a majority stake in Lob, a leading Montenegrin retail and digital gaming operator. The acquisition gives Fortuna a 51% ownership position in the country’s second-largest provider of sports prediction services and gaming entertainment.
The deal includes an option for Fortuna to increase its stake in Lob over time. Financial terms of the transaction were not disclosed, though Fortuna confirmed the acquisition represents one of the largest foreign direct investments in Montenegro in recent years.
Strong Market Position and Digital Focus
Lob generated €30 million ($34.7 million) in revenue during 2024 and employs more than 300 people across its operations. The company operates approximately 100 points of sale throughout Montenegro, with a business model weighted heavily toward digital channels—77% of activity occurs online while 23% comes from retail locations.
The operator’s revenue breakdown shows sports betting accounts for 65% of business, with gaming making up the remaining 35%. This digital-first approach aligns with Fortuna’s operational strategy across its existing markets in Czech Republic, Slovakia, Poland, Croatia, and Romania.
Strategic Expansion into Southeast Europe
Dieter John, Group Chief Executive of Fortuna Entertainment Group, positioned the acquisition as part of the company’s broader regional ambitions.
"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."
Montenegro has been an official candidate for European Union membership since 2012, with accession negotiations ongoing. This EU trajectory makes the market particularly attractive for operators seeking long-term growth in regulated environments.
John added:
"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."
Investment in Technology and Modernization
Fortuna outlined plans to modernize Lob’s operations through substantial technology investments. The group intends to implement advanced technology management systems, AI-powered personalization capabilities, enhanced analytics and insights tools, and improved digital platforms to elevate the online user experience across all customer touchpoints.
Goran Knežević, Chairman of Lob, welcomed the partnership and the opportunities it creates for the Montenegrin operator.
"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."
Leadership and Market Position
The acquisition marks a significant move for Fortuna under the leadership of Dieter John, who was appointed Group Chief Executive in January 2025, replacing Victor Corcoran. John’s appointment preceded this expansion into Montenegro, signaling Fortuna’s intent to accelerate growth across new markets in the region.
With operations now spanning six countries across Central and Southeast Europe, Fortuna continues to build its position as a regional gaming operator focused on regulated markets with clear regulatory frameworks and EU alignment.
Source: Fortuna Entertainment Group
