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Table Of Content :

FEG Completes TOPsport Acquisition and Enters Lithuania

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Altay
Altay Celikkaya
Content Manager
Updated:
Reading Time: 3 minutes

Fortuna Entertainment Group (FEG) has completed its acquisition of a 70% stake in TOPsport, giving the Prague-headquartered operator control of Lithuania’s leading online betting and gaming business. The transaction was first announced in March and formally closed on 17 August, with financial terms remaining undisclosed. The deal marks FEG’s first entry into Lithuania and expands its operating footprint into the Baltic region. TOPsport’s employees and omnichannel operations will now join FEG’s wider Central and Eastern European portfolio.

Fortuna Entertainment Group and TOPsport logos displayed together following FEG’s acquisition of a 70% stake in the Lithuanian operator.

Mergers & Acquisitions

Key Takeaways From FEG’s Completed TOPsport Acquisition

  • FEG has completed the purchase of a controlling 70% stake after announcing the agreement in March 2026.

  • The acquisition gives FEG its first direct operating presence in Lithuania and an entry point into the wider Baltic region.

  • TOPsport holds more than 50% of Lithuania’s online betting and gaming market, according to company-supplied data.

  • The operator adds 54 retail locations, more than 200 employees and an established omnichannel customer base.

  • TOPsport reported EBITDA of more than €65m in 2025, an EBITDA margin above 50% and approximately 30% compound annual growth since 2020.

  • The transaction places FEG in a market where first-half 2026 gambling revenue increased by 16.8%, led by remote channels.

TOPsport Adds Market Leadership and Omnichannel Scale

Founded in 2002 and headquartered in Kaunas, TOPsport has developed into Lithuania’s largest online sports betting and gaming operator. FEG’s original transaction announcement placed its online market share above 50%, based on 2024 gross gaming revenue data, and reported 97% assisted brand recognition as of April 2025.

The company combines its online sportsbook and gaming products with a nationwide estate of 54 retail locations. Its local visibility is reinforced by sports partnerships that include BC Žalgiris, Lithuania’s EuroLeague basketball team, the country’s leading football division and the Lithuanian Football Federation.

TOPsport’s financial profile also gives FEG an immediately profitable operating base. Company figures show EBITDA exceeding €65m in 2025, with a margin above 50% and a compound annual growth rate of approximately 30% since 2020. The acquisition price has not been disclosed, although FEG described the transaction as a record investment for parent company Penta Investments.

FEG Extends Its Acquisition-Led Regional Expansion

The closing brings Lithuania into a group that already operates in Czechia, Slovakia, Poland, Croatia, Romania and Montenegro. FEG entered Montenegro in 2025 by acquiring a 51% stake in operator Lob, while earlier transactions expanded its presence in Romania and Croatia.

FEG confirmed the TOPsport closing in a company update, describing the deal as another step in its regional growth strategy. Group CEO Dieter John said the combination would create opportunities to share expertise and drive innovation across the enlarged business.

For TOPsport, majority ownership provides access to FEG’s technology, product capabilities and responsible gaming framework while retaining an established Lithuanian brand and local operating knowledge. Integration priorities are likely to include platform development, product sharing and operational efficiencies across digital and retail channels.

Lithuania’s Digital Growth Strengthens the Deal Rationale

The acquisition closes as Lithuania’s regulated gambling market records further online-led growth, extending the momentum seen when iGaming drove Lithuania’s 13.4% revenue growth in the first half of 2025. Data from the country’s Gambling Supervision Authority showed total gross gaming revenue reaching €153.6m in the first half of 2026, up 16.8% year on year, according to independent reporting on the regulator’s figures.

Remote gambling generated €119.9m during the period, up almost 25%, and accounted for approximately 78% of total market revenue. Land-based revenue fell by 5% to €33.7m, reinforcing the strategic importance of TOPsport’s online position even as its retail network gives FEG an established omnichannel presence.

That growth is unfolding alongside tighter regulatory oversight. Lithuania’s Ministry of Finance has proposed mandatory gambling player cards from 2029, linking player identification and monitoring across online and land-based channels.

The completed acquisition positions FEG to participate directly in that digital growth while adding a market-leading local operator to its regional platform. TOPsport’s scale also gives the group a base from which to evaluate further product, technology and commercial expansion across the Baltic markets.