Fortuna Entertainment Group (FEG), a sports-betting and gaming conglomerate based in the Czech Republic, has successfully concluded its acquisition of a majority stake in Lithuania's leading sports operator TOPsport.
Initially announced in March as a 70% stake purchase, the deal has now reached formal closure, marking an expansion of FEG's presence throughout Central and Eastern Europe.
This acquisition is seen as a significant move for FEG, aimed at scaling its operations within the Baltic region. Group CEO Dieter John described the purchase as "a decisive step" that aligns with their long-term growth strategy in markets seen as having considerable potential.
The transaction underscores FEG's commitment to responsible gaming and regulatory compliance. With global G4 certification, FEG is dedicated to promoting safe and sustainable gaming practices.
Gintaras Staniulis, co-founder and strategic consultant for TOPsport, highlighted the advantages of the merger with FEG, including increased global reach, technological advancements, and improved responsible gaming standards for customers and stakeholders.
Established in 2002 and headquartered in Kaunas, TOPsport is a dominant force in Lithuania's sports betting market, controlling over 50% of online market share. The company operates 54 retail locations nationwide and employs a staff of over 200. Financial results disclosed by the companies indicate that TOPsport achieved an EBITDA exceeding €65 million in 2025, boasting an EBITDA margin above 50% and a compound annual growth rate of around 30% since 2020.
TOPsport maintains strong brand visibility through various sponsorship deals, including a prominent partnership with BC Žalgiris and Lithuania's Euroleague basketball team, reporting a 97% assisted brand recognition rate in the country.
This acquisition represents a notable instance of foreign investment in Lithuania's heavily regulated gaming sector, which has seen significant growth recently. The country's gambling industry expanded by 16.8% in the first half of 2026 compared to the previous year. In a move to tighten regulation, Lithuania plans to introduce mandatory "player cards" starting January 1, 2029, which will enable tighter monitoring of individual gambling activities across both online platforms and physical venues. Every gambler will be required to possess a physical card, facilitating oversight of deposits and winnings across different operators.
