Fortuna Entertainment Group (FEG) has signed an agreement to acquire a 70% stake in TOPsport, the market-leading online sports betting and gaming operator in Lithuania, marking the Czech-headquartered group’s entry into the Baltic region’s largest market.
The deal represents the largest single investment in FEG’s history and, according to the company, ranks among the most significant foreign investments in Lithuania in recent years. Parent company Penta, the Central European investment group that controls FEG, is funding the transaction.
TOPsport: Lithuania’s Dominant Operator
Founded in 2002 and headquartered in Kaunas, TOPsport holds above 50% online market share in Lithuania. The business operates on an omni-channel model, combining its digital platform with a retail network of 54 locations nationwide.
In 2025, TOPsport reported EBITDA of €65 million at a margin above 50%. The company has delivered approximately 30% CAGR since 2020, making it one of the stronger-performing independent operators in Central and Eastern Europe by profitability metrics.
TOPsport employs over 200 people and has more than 20 years of operating history in the Lithuanian market. The company’s sponsorship portfolio includes main partner status with BC Žalgiris — the region’s only Euroleague basketball club — title sponsorship of TOPLYGA, Lithuania’s top football division, and a partnership with the Lithuanian Football Federation. The brand reports 97% assisted recognition in the market.
Strategic Context for FEG
FEG currently operates across Central and Eastern Europe, with established positions in the Czech Republic, Slovakia, Poland, Romania, and Croatia. The Lithuania acquisition extends the group’s reach into the Baltics, a cluster of regulated markets where FEG had no prior presence.
The move follows FEG’s acquisition of a majority stake in Montenegro’s LOB Group in late 2025, continuing the group’s approach of entering regulated markets through acquisition of established local operators rather than greenfield launches.
“The Baltics represent a region with high growth potential for FEG, and entering Lithuania by acquiring the market leader is a decisive step in our ambitious long-term growth strategy. This is a smart and forward-looking investment, and we expect it to create substantial value for our business in the years ahead.” — Dieter John, Group CEO, Fortuna Entertainment Group
Seller’s Perspective
TOPsport co-founder Gintaras Staniulis, who will remain with the business in a strategic consultant role, framed the deal as a platform for the next phase of growth after more than two decades of independent operation.
“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. 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.” — Gintaras Staniulis, TOPsport Co-Founder and Strategic Consultant
Regulatory and Compliance Positioning
FEG holds G4 certification — the global responsible gambling standard issued by the World Lottery Association — and has flagged this as part of the value it brings to the combined entity. Lithuania’s gambling market is regulated by the Gambling Supervisory Authority (LLA), and both parties stated commitment to responsible gaming standards as a condition of the transition.
No financial terms beyond the 70% stake size were disclosed. Regulatory approval timelines and closing conditions were not specified in the announcement. FEG’s broader Baltics strategy — including whether it will pursue the remaining 30% or target additional Baltic markets — was not addressed.
Source: Fortuna Entertainment Group
