Czech Gaming Conglomerate Enters the Baltic Region by Purchasing a 70% Stake in Lithuania’s Top Betting Operator
Fortuna Entertainment Group (FEG) has officially completed its acquisition of a 70% majority stake in TOPsport, the largest sports betting and online gambling operator in Lithuania. Originally announced in March, the strategic transaction marks FEG’s formal entry into the Baltic region while broadening its established operating footprint across Central and Eastern Europe.
FEG Group CEO Dieter John previously emphasized that the investment represents a decisive step in alignment with the conglomerate’s long-term growth targets across high-potential European markets. Additionally, FEG highlighted its global G4 responsible gaming certification, reinforcing its commitment to upholding strict player protection and regulatory standards throughout its new Baltic operations.
Market Dominance and Financial Performance
Founded in 2002 and headquartered in Kaunas, TOPsport commands a dominant position within the domestic market, controlling over 50% of Lithuania’s online gambling sector. The company maintains a strong physical retail presence with 54 outlets nationwide, employs more than 200 staff members, and commands high visibility through major sponsorships, such as its partnership with EuroLeague basketball club BC Žalgiris.
TOPsport’s robust performance metrics include:
- Online Market Share: Over 50% of the Lithuanian online market
- Retail Footprint: 54 outlets nationwide
- 2025 Financials: Greater than €65m EBITDA with an EBITDA margin exceeding 50%
- Growth Trajectory: Approximately 30% CAGR between 2020 and 2025
- Brand Awareness: 97% assisted brand awareness
Gintaras Staniulis, co-founder and strategic consultant at TOPsport, noted that integrating with FEG equips the operator with global scale, advanced proprietary technologies, and enhanced player protection frameworks.
The Lithuanian Market and Regulatory Outlook
The acquisition provides FEG with direct access to a fast-growing market, with Lithuania’s gambling sector having recorded a 16.8% year-on-year revenue increase during the first half of 2026.
This expansion precedes upcoming regulatory shifts proposed by Lithuania’s Ministry of Finance. Scheduled to take effect on January 1, 2029, the government plans to introduce mandatory physical “player cards” across both retail betting shops and online platforms, allowing state authorities to monitor player deposits, winnings, and betting behavior across all licensed operators.
