Fortuna expands into Montenegro with LOB Group acquisition

• Fortuna Entertainment Group acquires 51% majority stake in LOB Group, Montenegro’s second-largest betting operator with over 100 outlets
• The deal represents one of Montenegro’s largest recent foreign direct investments and strengthens FEG’s presence in Southeast Europe
• LOB Group has operated for 20 years across Montenegro with comprehensive betting, gaming and casino services

Fortuna Entertainment Group has secured a majority stake in LOB Group, Montenegro’s second-largest betting operator, marking the Czech company’s entry into its sixth European market.

The acquisition of 51% of LOB Group enhances FEG’s footprint in Southeast Europe and represents one of Montenegro’s largest recent foreign direct investments. The move follows the company’s established pattern of regional expansion across Central and Eastern Europe markets.​

Strategic expansion continues

LOB Group operates over 100 betting offices throughout Montenegro, with more than 50 located in Podgorica, approximately 20 in the northern regions, and around 30 along the coast. The company has maintained operations for two decades since its establishment, building a reputation as a trusted operator in the Montenegrin market.

LOB Group demonstrated strong financial performance in 2024, generating €30 million in revenue with a business model heavily weighted towards digital operations. The company’s revenue structure shows a clear preference for online channels, with 77% of its business conducted through digital platforms and the remaining 23% through traditional retail outlets.

Market positioning strengthened

The acquisition supports FEG’s broader expansion strategy, which has seen the group grow from its Czech origins to encompass operations in Slovakia, Poland, Romania and Croatia. The company previously indicated expansion opportunities in Montenegro as early as 2017, when majority owner Penta Investments highlighted the country as a potential market for growth.​

Fortuna Entertainment Group’s CEO Dieter John said:

“Montenegro is a market with great potential and a clear EU direction. We will significantly invest into Lob, drive its growth and establish best in class capabilities and best-practices. Through our partnership with Lob, our goal is to contribute to the modernization of the entertainment sector, enhance transparency, and develop innovative solutions that improve user experience.”

“The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector,” added Goran Knežević, Lob Chairman of The Board of Directors.

LOB Group offers comprehensive betting services including pre-match and live sports betting, virtual games, virtual races, and casino games across its network. The operator has enhanced its offering with nearly 100 betting terminals and regularly organises prize games and bonuses for customers.​

The company’s established infrastructure and market position make it an attractive asset for FEG’s regional strategy. LOB Group’s extensive branch network provides immediate market access across Montenegro’s key population centres and tourist areas along the Adriatic coast.

FEG’s acquisition track record

This acquisition continues FEG’s strategy of targeted purchases in Eastern European markets. The group previously acquired Hattrick Sports Group in 2017, gaining control of Romania’s Casa Pariurilor and Croatia’s PSK brands. Penta Investments, FEG’s majority owner since 2017, has supported the company’s expansion beyond its original Czech and Slovak markets.