Fortuna Entertainment Group (FEG), a leading omni-channel betting and gaming operator in Central and Eastern Europe, announced its expansion into Montenegro via a new M&A agreement. Per the announcement, FEG will acquire a majority stake in local gaming leader Lob, cementing its dominance in its target regions.
FEG Grows Its Presence in Southeast Europe
FEG, which already has access to the gaming markets of the Czech Republic, Slovakia, Poland, Croatia, and Romania, has continued its growth journey with an agreement to acquire a 51% stake in Lob.
Lob, which is Montenegro’s second-largest gaming operator, will allow FEG to expand its geographical presence by entering the Montenegrin market and tapping into the local demand for gaming content.
The purchase of a 51% stake in Lob was described as “one of the largest foreign direct investments in Montenegro” in recent years. As such, it will bring a variety of opportunities to the local market as well, including FEG’s expertise, which is poised to elevate Lob’s offering.
FEG Wants to Cement Itself as an Undisputed Leader
FEG hailed the acquisition as a major milestone in reinforcing the company’s footprint in Southeast Europe. Dieter John, Fortuna Entertainment Group’s chief executive officer, elaborated that the stake in the Montenegrin company was an “important step” in his team’s long-term ambition to become the undisputed leader across many markets in Central and Eastern Europe.
Lob’s strong market position and digital-first approach make it an ideal partner for our expansion in the region.
Dieter John, CEO, Fortuna Entertainment Group
The company concluded that it is thrilled to welcome Lob and its leading brand, Lobbet, to the FEG family.