Deal closes five months after announcement
Fortuna Entertainment Group (FEG) has completed its acquisition of a 70% stake in TOPsport, Lithuania’s leading sports betting and gaming operator. The deal was first announced in March and closed this month, with FEG Group CEO Dieter John confirming completion on LinkedIn.
The transaction is described by parent company Penta Investments as its largest investment to date. Financial terms were not disclosed.
TOPsport’s market position
TOPsport was founded in 2002 and is headquartered in Kaunas. It holds more than 50% of Lithuania’s online betting and gaming market and reported EBITDA above €65 million in 2025, with an EBITDA margin above 50%. The operator has grown at a compound annual rate of around 30% since 2020.
TOPsport employs more than 200 people and runs 54 retail locations across Lithuania. It also holds sponsorship deals with basketball club BC Žalgiris, which competes in the Euroleague, the country’s top football division TOPLYGA, and the Lithuanian Football Federation. FEG cites TOPsport’s assisted brand awareness in Lithuania at 97%.
Executives react
John framed the deal as part of FEG’s push into central and eastern Europe and its move into land-based gaming alongside its online business.
“TOPsport is the undisputed leading operator in Lithuania with a highly trusted brand and a track record of growth and excellence,” John said. “TOPsport earned its gold medal position through outstanding execution, strong customer focus and its dedication to people.”
“This milestone marks another important step in FEG’s ambitious growth journey, strengthening our presence in the CEE/SEE region and creating new opportunities to share expertise, drive innovation and delivering an exceptional entertainment environment for our customers.”
“I am equally proud of the many teams across FEG and TOPsport who worked tirelessly to get this transaction over the finish line. A huge thank you for that great job! A very warm welcome to all TOPsport colleagues in FEG. We are very much looking forward to shaping the future together. The best is yet to come.”
TOPsport co-founder Gintaras Staniulis said the operator would keep its Lithuanian roots under FEG ownership, pointing to what he described as FEG’s scale and technology as reasons for the deal.
A second regional deal in under a year
The TOPsport acquisition follows FEG’s entry into Montenegro, where it bought a 51% stake in casino brand Lob in October 2025. FEG later added its proprietary casino platform to Lob, giving players access to online casino and live dealer games and adding a content management system the company said would make future updates faster. FEG worked to deliver that integration ahead of the World Cup.
The two deals, announced roughly five months apart, give FEG a majority stake in Montenegro’s Lob and in TOPsport, the largest operator in Lithuania by market share. TOPsport’s existing retail network and sponsorship portfolio give FEG an established base to build on rather than a market entry from scratch.
A wider CEE footprint
Before the TOPsport deal, FEG operated under its own Fortuna brand in the Czech Republic, Slovakia, Poland and Romania, and ran Casa Pariurilor in Romania and PSK in Croatia through its 2017 acquisition of Hattrick Sports Group. The group has said it serves around 1.5 million players across its markets. TOPsport becomes its seventh market and fifth brand, and its first entry into the Baltics.
FEG has not said whether further acquisitions in the region are planned. TOPsport now integrates into a group that spans seven markets across central, eastern and southern Europe, from long-established brands in the Czech Republic and Slovakia to its newest additions in Montenegro and Lithuania.
Source: Fortuna Entertainment Group
