(AsiaGameHub) –   Fortuna Entertainment Group (FEG) has reached an agreement to acquire a 70% stake in TOPsport, the leading gambling operator in Lithuania. This deal provides FEG with a controlling interest in the nation’s premier betting platform.

The Prague-based organization announced the acquisition on LinkedIn, noting it represents a record-breaking transaction for its parent company, Penta Investments. The specific purchase price was not disclosed.

TOPsport currently holds approximately 54% of the Lithuanian gaming market and reported an EBITDA exceeding 65 million in 2025. Through this acquisition, FEG makes its debut in the Baltic region, expanding its operations to a total of eight countries.

Founded in 2002 as the first licensed betting operator in Lithuania, TOPsport has grown to become the most-visited online gambling platform in the country. It also maintains a physical presence with over 50 land-based gaming venues across the territory.

The growth of the Lithuanian gambling sector has kept pace with TOPsport’s expansion. During the first half of 2025, the market saw gross gaming revenues of 131.5 million. Projections indicate that annual revenue could reach 376 million by 2028, with Lithuanians having some of the highest per capita gambling expenditures in Europe.

Dieter John, who assumed the role of FEG’s CEO in January 2025, stated:

The Baltics are a region offering significant growth potential for FEG. Entering the Lithuanian market by acquiring its leader is a vital move in our determined long-term expansion strategy.

The transaction has been submitted to Lithuanian regulators for formal approval.

For Penta, the Czech-Slovak private equity firm that owns FEG, this acquisition is likely the largest single investment in its gaming portfolio so far. Established by Jaroslav Hak and Marek Dospiva, Penta manages a $5.5 billion enterprise spanning healthcare, finance, media, real estate, and manufacturing. FEG represents the gambling arm of this portfolio, which reported a net profit of 621 million euros in 2024.

Expansion through acquisition remains a key driver for FEG. Originally established in the Czech Republic in 1990 and previously listed on the Prague and Warsaw exchanges, the company came under Penta’s full ownership in 2018. In 2025, FEG acquired a 51% stake in lob, the second-largest betting firm in Montenegro. This followed previous acquisitions of Romania’s Casa Pariurilor and Croatia’s PSK Sports, reinforcing its long-term presence in Eastern Europe.

The company now operates in seven European markets: the Czech Republic, Slovakia, Poland, Croatia, Romania, Montenegro, and Lithuania. With a workforce of over 5,000, FEG continues to expand its team. This growth occurs as Lithuania introduces stricter regulations; amendments effective in November 2025 will raise the legal gambling age to 21 and implement significant restrictions on sports betting advertisements as a precursor to a total ban.

FEG itself was previously considered for a sale. In 2024, Penta explored the possibility of divesting the company, with rumors suggesting a valuation of 2 billion euros and JPMorgan involved in early talks, though the plan did not ultimately move forward.