Penta, an investment group, is considering various strategies for the future of its Fortuna franchise, a prominent betting and gaming operator in Central and Eastern Europe.
Fortuna operates in Poland, Croatia, Romania, Slovakia, and the Czech Republic, offering gambling services through both physical betting shops and online platforms under the brands Fortuna, Casa Pariurilor, and PSK.
A potential sale of Fortuna is speculated to fetch up to €2 billion, as reported by Reuters.
Penta initially invested in Fortuna in 2005, acquiring a 79.8% stake by 2017 and subsequently took full control in 2018 through a takeover bid executed by its Fortbet Holdings subsidiary.
This move led to Fortuna being delisted from the Warsaw and Prague stock exchanges, a strategic decision aimed at freeing the operator from public disclosure obligations, which were seen as a competitive hindrance.
The leadership of Fortuna is spearheaded by CEO Victor Corcoran, a veteran from Paddy Power Online, who stepped in to replace interim chief David Vaněk.
Vaněk had filled the position following the departure of Per Widerström, who moved on to become the CEO of 888 Holdings in February 2022 after a seven-year tenure.
Despite the ongoing discussions about its potential sale, Penta has expressed its continued interest in the gaming and betting sector.
“Penta, as a long-term investor, remains committed to the sector,” the company stated, emphasizing its belief in the industry’s potential and its attractiveness for future investments.
“Fortuna’s strong market presence in Central and Eastern Europe positions it as a desirable acquisition target amid a growing focus on the region for new revenue streams.
Entain, through its joint venture Entain CEE with EMMA Capital, has been particularly active, acquiring major stakes in SuperSport in Croatia and Poland’s STS Holdings.
Similarly, Flutter Entertainment, the parent company of Paddy Power, has expanded its footprint by purchasing a majority stake in Serbian operator MaxBet, further highlighting the strategic importance of the Central and Eastern European markets to leading gaming and betting companies.