Fortuna Acquires 70% of Lithuania’s TOPsport

Fortuna Entertainment Group (FEG) has expanded into the Baltic market through the acquisition of a 70% stake in Lithuanian operator TOPsport. Backed by Penta Investments, the transaction ranks among the largest foreign investments in Lithuania in recent years and represents a record commitment for the group.

Founded in 2002 and headquartered in Kaunas, TOPsport holds a leading position in Lithuania’s betting and gaming sector, commanding over half of the market. The operator combines a strong online presence with a nationwide retail network of 54 locations, offering an established omnichannel model.

The business has demonstrated consistent performance, reporting EBITDA of more than €65 million in 2025 alongside sustained double-digit growth since 2020. Commenting on the deal, TOPsport Co-Founder and Strategic Consultant Gintaras Staniulis said the partnership marks a new phase for the company, combining its local expertise with FEG’s scale, technology and focus on responsible gaming.

The acquisition also brings more than 200 employees into the group, strengthening FEG’s operational footprint in the region.

Strategic Expansion into the Baltics

FEG described the transaction as a key milestone in its long-term growth strategy, providing a strong entry point into the Baltic market. By acquiring a controlling stake in the country’s leading operator, the group aims to accelerate development, expand its product offering and enhance its digital capabilities.

Chief Executive Officer Dieter John highlighted that the deal also reinforces FEG’s commitment to regulatory compliance and responsible gaming standards, noting that the integration will build on the group’s existing operational principles.

Regulatory Changes in Lithuania

The acquisition comes at a time of regulatory change in Lithuania’s gambling sector. Authorities have already increased the legal betting age from 18 to 21 and raised tax rates to 22%, while further restrictions on advertising are expected to be introduced by 2028.

These developments are set to reshape the operating environment, as companies adapt to tighter regulations while continuing to compete in a growing and evolving market.