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Fortuna buys Croatian betting firm Favorit

Betting company Fortuna has expanded its activities to the Croatian odds betting market where it has gained number two company Favorit, weekly Euro writes in its latest issue due out on Monday.

With the acquisition, Fortuna now has 1,600 branch offices in Central Europe, which gives it the first position in the region. Alongside Croatia and the Czech Republic, Fortuna is also active in Slovakia and Poland. „The Croatian market is developed and odds betting is very popular,” Fortuna CEO Martin Todt told Euro. Since the autumn of 2004, Fortuna and its sister companies in the neighboring states belong to financial group Penta, which bought Fortuna from Michal Horacek and other shareholders for an estimated 2.3 billion koruna (about €87 million, $125 million). Fortuna’s turnover for next year is estimated at around 10 billion koruna and at 3.5 billion koruna in the Czech Republic. (praguemonitor)