FEG acquires 70% stake in Lithuania’s TOPsport in major Baltic expansion

(AsiaGameHub) –   Fortuna Entertainment Group (FEG) has made its entry into the Baltic market by purchasing a 70% share in Lithuania’s premier iGaming operator, TOPsport.

Financed by FEG’s parent company, Penta Investments, this deal stands as one of the most significant foreign investments in Lithuania in recent times, underscoring the Czech-based group’s goal to enhance its regional presence. It also constitutes a record investment for Penta.

Established in 2002 and based in Kaunas, TOPsport leads the Lithuanian online sports betting and gaming market, commanding over 50% market share. The firm operates a sophisticated digital platform alongside a nationwide retail network of 54 outlets.

The business achieved an EBITDA exceeding €65m (£56m) in 2025, sustaining a margin above 50% and realizing approximately 30% compound annual growth since 2020.

With a workforce of more than 200, the company has established strong brand awareness via key sponsorships, such as collaborations with basketball club BC Žalgiris, the Lithuanian Football Federation, and the nation’s premier football league.

“Having grown from the ground up over more than twenty years, TOPsport is now an integral component of Lithuania’s sports and entertainment scene and its top omnichannel operator,” stated Gintaras Staniulis, Co-Founder and Strategic Consultant of TOPsport.

“We now begin a new era by becoming part of Fortuna Entertainment Group. FEG offers worldwide reach, technological prowess, and responsible gaming benchmarks that will propel the company forward, ensuring our customers enjoy the broadest entertainment options and superior platform security.

“We stay faithful to our origins, but we now move ahead with the backing of a major European group.”

FEG makes another major step

FEG stated that the purchase offers a strategic gateway into the largest Baltic nation and that it will utilize TOPsport’s local knowledge and digital strengths to speed up growth and diversify its product range.

Dieter John, CEO of FEG, called the acquisition a “major step” within the company’s strategic plan.

He continued: “This action further solidifies our dedication to responsible gambling and regulatory superiority.

“Collectively, we will maintain the utmost standards and advance the core principles that guide our group’s operations.

“I commend our teams for their efforts in facilitating this deal and look forward to our future accomplishments alongside our new Lithuanian colleagues.”

This agreement occurs during a period of comprehensive regulatory shifts in Lithuania. The Seimas (Parliament) plans to implement a new gambling framework by 2028, featuring tighter advertising regulations and greater emphasis on player safety.

The minimum legal gambling age was also increased from 18 to 21 in July 2025, excluding national lottery games. The gambling tax rate was raised from 20% to 22% in January 2025.

FEG remains confident it will gain significant benefits from the TOPsport acquisition, despite the evolving regulatory environment. This strategic move strengthens its position in the Baltic region and broadens its portfolio, which already contains Romanian operator Casa Pariurilor, Croatia’s PSK, and Montenegro-based LOB.