Fortuna Entertainment Group (FEG) has entered the Montenegrin market with the acquisition of a 51% stake in Lob, Montenegro's second-largest sports betting and gaming operator.
The deal includes an option for Fortuna to increase its stake over time and marks one of the largest recent foreign direct investments in the country's entertainment sector.
Founded more than 25 years ago and headquartered in Podgorica, Lob operates both retail and digital channels, with 77% of its business conducted online.
The company generated €30m ($34.7m) in revenue in 2024 and employs over 300 people across a network of around 100 outlets.
Its operations focus primarily on sports betting, which accounts for 65% of its business, while gaming makes up the remaining 35%.
Commenting on the acquisition, Dieter John, Group CEO of FEG, stated: "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.
"Through our partnership with Lob, our goal is to contribute to the modernisation of the entertainment sector, enhance transparency and develop innovative solutions that improve user experience."
Lob's Chairman of the Board, Goran Knežević, added: "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 acquisition aligns with FEG's broader regional expansion strategy, following leadership restructuring earlier this year and ongoing investment in AI-driven personalisation, analytics and responsible gaming practices.
FEG is currently in the final stages of obtaining international G4 certification, which validates responsible business practices and player protection standards.
