Fortuna Entertainment Group (FEG) has completed its acquisition of a 70% stake in Lithuania’s TOPsport, formally giving the Central and Eastern European betting group its first direct foothold in the Baltic market.
The transaction was first announced in March and has now closed following the required process in Lithuania. Financial terms of the purchase have not been disclosed. FEG, which is backed by Penta Investments, described the completion as an important step in its regional expansion strategy.
TOPsport was founded in Kaunas in 2002 and has developed into one of Lithuania’s largest gambling businesses. The operator combines an established online sportsbook and casino operation with 54 retail locations across the country. It employs more than 200 people and has an estimated share of around half of Lithuania’s betting market.
The company reported EBITDA of more than €65m for 2025, with margins above 50%. Its EBITDA has also expanded at a compound annual growth rate of roughly 30% since 2020, making TOPsport a significant addition to Fortuna’s portfolio.
The acquisition extends FEG beyond its established Central and Eastern European operations. The group already operates brands including Fortuna, Romania’s Casa Pariurilor and Croatia’s PSK, while its expansion continued in 2025 with the acquisition of Montenegro-based operator LOB. Fortuna traces its history to 1990 and currently provides betting and gaming products through online, mobile and retail channels.
TOPsport also has a strong presence within Lithuanian sport. Its partnerships include BC Žalgiris, Lithuania’s EuroLeague basketball representative, as well as involvement with the country’s top domestic football competition and the Lithuanian Football Federation.
The deal comes as Lithuania introduces tighter conditions for licensed gambling companies. Measures affecting the market include a higher gambling age of 21, increased taxation and stricter advertising and player-protection requirements. FEG expects the combination of TOPsport’s domestic position and Fortuna’s technology, operational expertise and wider European scale to support further growth under the new regulatory environment.
Fortuna has also strengthened its financing capacity during the expansion. According to SBC News, the company raised CZK1.7bn, approximately €70m, through a five-year bond carrying a 7% annual interest rate. The issuance exceeded its initial CZK1bn target, with the proceeds supporting the group’s acquisition strategy and broader development plans.
With TOPsport now formally part of the group, FEG has established a platform in Lithuania from which it can pursue a wider Baltic growth strategy while continuing to assess acquisition opportunities across Central and Eastern Europe and the Balkans.