Fortuna Entertainment Group (FEG), a leading betting and gaming operator in Central and Eastern Europe, has officially entered the Montenegrin market through the acquisition of a 51% majority stake in the established local operator, Lob.
This strategic move marks a significant expansion for the Czech-founded company, extending its influential presence into a new and promising European jurisdiction.
Lob, based in the capital city of Podgorica, has been a prominent name in Montenegro’s sports betting and gaming sector for over 25 years.
Fortuna considers the company to be the country’s second-largest operator, making it a powerful asset for its market entry.
While the financial details of the transaction have not been publicly disclosed, the agreement includes an option for Fortuna to increase its majority stake over time.
Fortuna has also announced clear intentions to invest significant resources into its new acquisition to drive growth and implement best-in-class operational practices.
The deal provides Fortuna with a strong foothold in a market with considerable potential, further underscored by Montenegro’s status as an EU candidate country with a target to join by 2028.
Lob has demonstrated a robust business model, achieving €30 million in revenue in 2024 with a business that is predominantly digital, as 77% of its operations are conducted online. This digital-first approach aligns perfectly with modern industry trends and Fortuna’s own strategic focus.
The partnership is set to combine Fortuna’s extensive international experience and technological expertise with Lob’s deep local market knowledge and established brand recognition.
This synergy is expected to accelerate Lob’s development, enhance its product offerings, and solidify its position in the Montenegrin sports entertainment sector, signaling Fortuna’s continued ambition for consolidation across Europe.
Dieter John, Group CEO of Fortuna Entertainment Group:
“Montenegro is a market with great potential and a clear EU direction. We will significantly invest into Lob, drive its growth and establish best in class capabilities and best-practices.”
Goran Knezevic, Chairman of the Board of Directors at Lob:
“The partnership opens a new chapter for our company. Cooperation with an international investor who shares our values of professionalism and responsible business will enable further development and growth within the sports entertainment sector.”
