Fortuna Entertainment Group (FEG), a major player in the Central and Eastern European betting and gaming sector, has announced its expansion into Montenegro. The company has acquired a 51% majority stake in Lob, a leading local operator, marking a significant foreign direct investment and a strategic move to bolster its presence in Southeast Europe. This acquisition integrates Lob into Fortuna’s existing operational footprint across six European markets.
Key Takeaways
- Fortuna Entertainment Group acquires a 51% stake in Montenegrin operator Lob, with an option to increase its share later.
- Lob is recognized as Montenegro’s second-largest gaming operator, generating €30 million in revenue in 2024 and employing over 300 people.
- The deal represents a substantial foreign direct investment in Montenegro and strengthens Fortuna’s position in Southeast Europe.
- Fortuna plans significant investments to modernize Lob’s operations, focusing on digital transformation, AI personalization, and enhanced user experience.
Strategic Expansion into Montenegro
Fortuna Entertainment Group, already established in markets such as the Czech Republic, Slovakia, Poland, Croatia, and Romania, has now entered Montenegro through the acquisition of a majority stake in Lob. This move is a significant step in FEG’s long-term strategy to become the leading gaming operator across Central and Eastern Europe. The acquisition of Lob, which operates both retail and digital platforms, is seen as a crucial milestone in expanding the company’s geographical reach and capitalizing on the growing demand for gaming services in the region.
Lob’s Market Position and Digital Focus
Lob is identified as Montenegro’s second-largest provider of sports prediction services and gaming entertainment content. The company generated €30 million in revenue in 2024 and operates approximately 100 points of sale, with a workforce exceeding 300 employees. A key aspect of Lob’s appeal to Fortuna is its strong digital presence, with 77% of its business conducted online and 23% through retail channels. Sports betting constitutes 65% of its activity, while gaming accounts for the remaining 35%.
Future Investments and Modernization Plans
Fortuna plans to inject significant investment into Lob to drive its growth and establish best-in-class capabilities. The company intends to modernize all Lob user touchpoints by investing in advanced technology management, AI-powered personalization, analytics, and insights. Enhancements to digital platforms and online experiences are also a priority. Dieter John, Fortuna’s Group Chief Executive, expressed optimism about Montenegro’s potential and its clear EU direction, stating that the partnership aims to contribute to the modernization of the entertainment sector, enhance transparency, and develop innovative solutions for an improved user experience.
Partnership and Regional Ambitions
Goran Knežević, Lob’s Chairman, welcomed the partnership, viewing it as a new chapter for the company. He highlighted that cooperation with an international investor sharing values of professionalism and responsible business will foster further development and growth within the sports entertainment sector. This acquisition solidifies Fortuna’s ambition to lead regulated gaming entertainment markets across Central and Eastern Europe, with Lob’s strong market position and digital-first approach making it an ideal partner for this expansion.
Sources
- Fortuna enters Montenegro via Lob group acquisition, iGaming Business.
- Fortuna Entertainment Expands into Montenegro with Lob Acquisition, newsnet5.com.
- Fortuna enters Montenegro with Lob acquisition, Gambling Insider.
- Fortuna enters Montenegro after acquiring majority stake in Lob, Gaming Intelligence.
- Fortuna Entertainment Group enters Montenegro with Lob acquisition, InterGame.
