Fortuna Entertainment enters Lithuania with TOPsport deal
Table of contents
- Fortuna Entertainment Group agrees to acquire a 70% stake in TOPsport, Lithuania’s leading omnichannel betting and gaming operator.
- TOPsport reported EBITDA of €65 million in 2025, with margins above 50% and a roughly 30% CAGR since 2020.
- The deal marks a record investment for parent company Penta and extends FEG’s Baltic push following its Montenegro entry last year.
Fortuna Entertainment Group (FEG) has agreed to acquire a 70% majority stake in TOPsport, the leading sports betting and gaming operator in Lithuania. The deal marks the Prague-based group’s first entry into the Baltic region and its largest single investment to date.
Financial terms were not disclosed.
TOPsport’s dominant position
Founded in 2002 and headquartered in Kaunas, TOPsport holds an estimated 50% share of Lithuania’s online betting and gaming market, complemented by a strong retail network with 54 locations nationwide.
In 2025, the company reported EBITDA of €65 million, with a margin above 50% and a compound annual growth rate (CAGR) of around 30% since 2020. TOPsport employs over 200 staff.
The operator holds prominent sponsorship positions across Lithuanian sport, including a partnership with EuroLeague basketball club BC Žalgiris, title sponsorship of TOPLYGA, the country’s top-flight football division, and a tie-up with the Lithuanian Football Federation.
According to the official FEG’s LinkedIn communication, Dieter John, CEO at Fortuna Entertainment Group, said:
“Entering Lithuania by acquiring the country’s market leader is a decisive step in our long term growth strategy. The Baltics hold strong potential for FEG, and this forward looking investment will create substantial value for our customers, partners, and teams in the years ahead.”
Record deal for Penta
The TOPsport transaction marks a record investment for FEG’s parent company, Penta. Penta first acquired Fortuna in 2005, when the group was already a market leader in the Czech Republic, Slovakia, and Poland. FEG has since expanded into Romania and Croatia.
The move follows FEG’s acquisition of a majority stake in Lob in Montenegro last year, the group’s most recent expansion prior to this deal. Lithuania is the most populous of the three Baltic states, and the acquisition reflects FEG’s broader ambitions to consolidate its position across regulated European markets.
Gintaras Staniulis, co-founder and strategic consultant at TOPsport, said:
“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.
“We remain true to our roots, but from here, with the strength of a leading European group behind us.”
What comes next
Lithuania’s gambling sector has recorded strong momentum, with the market nearing €350m in revenue in a record 2025.
The country’s regulatory environment is also tightening; OlyBet came under investigation for breaching Lithuania’s advertising ban, a sign of the compliance scrutiny operators face in the market.
For FEG, securing a 50% market share from day one positions the group to compete across both digital and retail channels in a high-growth, regulated jurisdiction. The scale of the Penta investment underlines the group’s confidence in the Baltic region’s long-term potential.
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About the author
Bianca Máthe
Bianca Mathe joined the iGaming industry in 2018 and has since built extensive experience across multiple verticals, working with international gaming organizations on editorial, marketing, and media strategy. She brings a strong understanding of the regulatory, commercial, and technological forces shaping the global iGaming sector.
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