Bloomberg News

Fortuna Jumps on License to Start Online Gambling: Prague Mover

January 26, 2012

Jan. 25 (Bloomberg) -- Fortuna Entertainment Group NV rose the most in four months after the Czech bookmaker said it received permission to start online gaming in Poland.

The stock jumped as much as 4.4 percent, the biggest gain since Sept. 26, and traded up 3.2 percent to 100.6 koruna as of 11:42 a.m. in Prague. Almost 160,000 shares have changed hands so far today, more than six times the three-month daily average.

Fortuna will start online sports betting in Poland today after obtaining a license from the finance ministry, the company said in a statement yesterday. The bookmaker has received 20,000 registration requests for internet gaming from Polish customers, according to a separate statement yesterday.

“Online betting in Poland represents a big opportunity for Fortuna” as “one of the most important growth projects for the company,” analysts led by Milan Vanicek at J&T Banka AS in Prague wrote in a report today. “The news is positive because Fortuna had applied for the license several months ago and there could be concerns whether any obstacles might get in the way.”

--Editors: James Kraus, Ash Kumar

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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