Fortuna Entertainment Group Completes TOPsport Takeover to Enter Baltic Gambling Market
TL;DR — FEG has closed its acquisition of a 70% stake in TOPsport, Lithuania’s top gambling operator with over €65m EBITDA in 2025 and 30% CAGR since 2020. The deal, funded by a €70m five-year bond at 7%, gives FEG its first Baltic foothold and adds to its CEE portfolio amid Lithuania’s 22% GGR tax and age limit rise to 21.
SCCG Take — The transaction shows how bond financing can accelerate M&A for scale in regulated markets, letting FEG target share gains where competitors face rising compliance costs.
Fortuna Entertainment Group (FEG) has completed its acquisition of TOPsport, securing a majority stake in Lithuania’s leading gambling operator. Last March, FEG agreed to acquire the 70% stake in a deal that establishes the group’s first direct presence in the Baltic region while expanding its footprint across Central and Eastern Europe.
FEG confirmed the closing of the undisclosed transaction, calling it the beginning of a new chapter in the Baltics. The group stated: “as the leading operator in Lithuania, TOPsport has built a strong market position, a trusted brand, and a track record of excellence. We are proud to add this gold-medal performer to the FEG portfolio.”
TOPsport was founded in Kaunas in 2002. It runs a major online sportsbook and casino platform together with a network of 54 retail locations. The business reported EBITDA of more than €65m in 2025, maintaining a margin above 50%, and has delivered compound annual growth of approximately 30% since 2020.
Strategic Expansion Across CEE and Baltic Markets
Backed by Penta Investments, the acquisition adds TOPsport to a portfolio that already includes Casa Pariurilor in Romania, PSK in Croatia, and Montenegro-headquartered LOB. Under CEO Dieter John, FEG is pursuing a commercial strategy to become the highest valued operator in Central and Eastern European gambling markets.
Dealmakers cited confidence that the combination will lift market share in Lithuania as competitors adjust to tougher conditions. These include GGR taxes rising to 22% and the gambling age increasing to 21, aligning Lithuania with jurisdictions such as Belgium, Greece and Estonia. Additional reforms will tighten advertising and player-protection rules.
Bond Financing and the Path Ahead
The transaction was funded through a CZK 1.7bn (€70m) bond issuance on the Prague Stock Exchange this summer. The five-year instrument at a 7% annual rate exceeded its initial target of CZK 1bn (€42m). FEG and Penta Investments will publish a new prospectus covering financial terms and outlook in core markets.
As reported by SBC News, leadership continues to evaluate M&A opportunities in CEE, the Balkans and the Baltics. This acquisition integrates a high-margin asset at a time of regulatory tightening, positioning FEG to test whether local scale and operational expertise can deliver sustainable gains in a changing environment.
Reporting: SBC News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Bond-funded M&A lets FEG grab market share in regulated CEE while smaller rivals buckle under 22% tax and stricter compliance.
We're watching CEE consolidation closely—regulated markets with rising taxes and age limits favor well-capitalized operators who can scale fast. FEG just proved bond financing works for expansion when banks hesitate, and TOPsport's 50%+ margin shows the prize for getting there first in a tightening market.
- 70% stake in TOPsport: €65m EBITDA, 54 retail sites, 30% CAGR since 2020
- €70m five-year bond at 7% funded the deal, exceeding €42m target
- Lithuania tax now 22%, gambling age 21—raising barriers for smaller competitors
SCCG angle: SCCG has introduced operators to bond underwriters and regional M&A targets across CEE for years. If you're looking at Baltic or CEE entry—or need capital structures that work when banks say no—we connect you to the right advisors, local partners, and licensing teams who've closed these deals.
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