Fortuna Enters Montenegro With Majority Stake in Lob

Expansion Into a New Territory

Founded in the Czech Republic, Fortuna Entertainment Group has broadened its Central and Eastern European footprint by purchasing a 51% stake in Lob, a Podgorica-based operator with over 25 years of experience in the local betting and gaming market. The deal also includes an option for Fortuna to increase its ownership over time.

Although financial terms have not been disclosed, Fortuna confirmed that the investment is part of its long-term strategy to strengthen its presence across the region. In 2024, Lob generated €30 million in revenue, with 77% of its business conducted online and 23% through retail channels.

“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,” commented Dieter John, Group CEO of Fortuna Entertainment Group.

Montenegro has been a candidate for EU membership since 2008 and aims to join by 2028 — a factor likely viewed by Fortuna as supportive of long-term market stability and investment confidence.

Lob Poised for Growth After Fortuna Takeover

Lob is currently Montenegro’s second-largest betting operator, recognized for its well-developed digital platform and strong retail presence. Goran Knezevic, Chairman of the Board of Directors at Lob, said the partnership represents a major step forward for the company:

“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.”

The deal follows several strategic developments within Fortuna’s wider operations. In September, Chief Technology Officer and board member Vladimir Klein stepped down after five years with the company.

Fortuna has also maintained key technology partnerships with providers such as Evoplay and Playtech in its core markets.