FEG completes 70% TOPsport acquisition

• Fortuna Entertainment Group (FEG) has completed its acquisition of a 70% stake in TOPsport, Lithuania’s leading betting operator.
• The deal was first announced in March 2026 and cleared by the Lithuanian Competition Council in June.
• The acquisition marks FEG’s entry into Lithuania and the Baltic region, extending its Central and Eastern European footprint to an eighth market.

Fortuna Entertainment Group (FEG) has completed its acquisition of a 70% stake in TOPsport, Lithuania’s leading online sports betting and gaming operator.

FEG group chief executive Dieter John confirmed the deal’s closure in a LinkedIn post, with the transaction described as Penta Investments’ largest gambling investment to date.

Deal reaches finish line

The agreement was first announced in March 2026, with FEG securing a controlling 70% stake in TOPsport. Its closure follows competition clearance from the Lithuanian Competition Council in June. Financial terms of the transaction have not been disclosed.

Dieter John, group chief executive of FEG, said:

“TOPsport is the undisputed leading operator in Lithuania with a highly trusted brand and a track record of growth and excellence. TOPsport earned its gold medal position through outstanding execution, strong customer focus and its dedication to people.”

John ended the LinkedIn post on an optimistic note:

“A very warm welcome to all TOP Sport colleagues in FEG. We are very much looking forward to shaping the future together. The best is yet to come.”

Lithuania’s market leader

TOPsport was founded in 2002 and has grown into Lithuania’s market-leading online sports betting and gaming brand, with company and industry estimates putting its share of the domestic betting market at around 50%. The company runs a retail network of 54 locations alongside its digital operations and employs more than 200 staff.

Its commercial profile is bolstered by sponsorships including a partnership with EuroLeague club BC Žalgiris, Lithuania’s only team in the competition, and title sponsorship of TOPLYGA, the country’s top football division.

The operator reported EBITDA of €65 million in 2025, having sustained a compound annual growth rate of around 30% since 2020.

TOPsport has also continued expanding its supplier relationships, including a content partnership with PopOK Gaming announced in May.

Wider CEE ambitions

The transaction is FEG’s second majority buyout in the region within a year. Its parent, Penta Investments, which took full ownership of FEG in 2018, has backed the group’s expansion across Central and Eastern Europe through acquisitions rather than organic market entry.

TOPsport follows FEG’s acquisition of Lob, Montenegro’s second-largest betting operator, completed in 2025. With Lithuania added, FEG’s regulated footprint now spans Slovakia, Poland, Croatia, Romania and Montenegro alongside its home market.

The two deals, completed roughly ten months apart, point to a Penta-backed strategy of buying outright control of regional market leaders rather than smaller footholds.

Lithuania tightened its gambling laws last November, raising the minimum betting age to 21, a change that has not deterred FEG’s push into the market.