Fortuna sells stake in lottery subsidiary

Fortuna Entertainment Group is a fixed-odds betting operator with outlets across Central and Eastern Europe and revealed that its Fortuna Loterie operation runs the Loto and SuperLoto numerical games in the Czech Republic in addition selling a range of scratchcards.

“By signing this agreement, Fortuna Loterie will obtain a strong shareholder and strategy partner that will bring a substantial input into the next development of Fortuna lottery segment,” said Radim Haluza, CEO for Fortuna Entertainment Group. “On the other hand, E-Invest will have an opportunity to participate in further lottery growth with a goal to reach approximately 15 percent to 20 percent market share by mid-2014.”

Fortuna Entertainment Group stated that Fortuna Loterie’s current lottery market share in the Czerch Republic stands at ‘about ten percent’ while it also supplies other services such as mobile telephone top-ups through 2,000 point-of-sale venues.

Under the terms of the sale, Fortuna Entertainment Group declared that shares should be transferred ‘within twelve months’ with the additional investment from E-Invest earmarked to ‘speed up the roll-out of distribution network and further strengthen the management team with long-standing know-how in the retail field’.