Fortuna Jumps to 3-Month High on Poland Expansion: Prague Mover

Fortuna Entertainment Group NV (FORTUNA) rose to the highest in almost three months after the Czech bookmaker said it received permission to start online gambling in Poland.

The stock jumped as much as 4.4 percent and closed up 0.5 percent at 98 koruna by 4:20 p.m. in Prague, the highest since Nov. 2. Over 182,000 shares were traded, more than seven 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 gambling 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.”

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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