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Fortuna Entertainment Group (FEG) has now confirmed the successful closing of its acquisition of Lithuania’s market leader TOPsport, officially welcoming the company and its employees into the group.
The announcement, confirmed on Monday through FEG’s LinkedIn channel, described the move as the start of “a new chapter,” strengthening its presence in the Baltic region and creating new opportunities to share expertise, drive innovation, and deliver enhanced experiences for customers.
The confirmation follows FEG’s March disclosure that it would enter the Baltic market by acquiring a 70% stake in TOPsport. That earlier announcement, backed by parent company Penta Investments, was described as one of the largest foreign investments in Lithuania in recent years and a record outlay for Penta.
At the time, FEG Chief Executive Officer Dieter John said, “This step also reinforces our commitment to responsible gaming and regulatory excellence. Together, we will continue to uphold the highest standards and build on the principles that define how we operate as a group.”
“I am proud of the work our teams have done to make this possible and excited for what we will achieve together with our new colleagues in Lithuania.”
Best time to enter the market?
FEG’s announcement comes barely days after the Lithuanian Gambling Supervisory Authority released new figures showing strong growth in the country’s gambling sector.
Revenues in the first half of 2026 climbed 16.8% compared to the same period last year, with gross gaming revenue reaching €153.6 million between January and June, up from €131.5 million in 2025.
Remote gambling was the clear driver of this expansion, accounting for nearly four‑fifths of total revenue. Online operators generated €119.9 million in GGR, a 25% increase year‑on‑year, while land‑based venues slipped to €33.7 million, down 5% from the previous year.
It also follows reports of TOPsport’s outstanding performance last year. The company reported EBITDA above €65 million, supported by a margin exceeding 50% and a compound annual growth rate of around 30% since 2020.
With more than half of Lithuania’s online market share, 54 retail outlets nationwide, and over 200 employees, TOPsport has established itself as the dominant player in the sector.
FEG also pointed to a 97% assisted brand recognition rate for TOPsport within Lithuania, highlighting the strength of the operator’s position as it officially joins the group.
“As the leading operator in Lithuania, TOP Sport 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,” FEG stated in its LinkedIn post.
“This milestone marks another important step in our growth journey, strengthening our presence in the region and creating new opportunities to share expertise, drive innovation, and deliver exceptional experiences for our customers.”
