EMMA

History

EMMA grew out of EMMA Capital, a private investment holding established in Prague in 2007 by Jiří Šmejc, following his earlier career with PPF Group. The holding built up a controlling stake in Fortuna Entertainment Group, the Czech-founded sports-betting operator, and expanded its interests across Central and Eastern Europe. In 2020, EMMA Capital and Entain agreed to merge their CEE gambling assets into a new joint venture named EMMA. EMMA Capital contributed Fortuna and bet-at-home, while Entain contributed its CEE-facing online betting and gaming operations. The combined group emerged as one of the largest betting businesses in Central and Eastern Europe by revenue.

Business Model

EMMA is a holding company rather than a direct operator. It makes money through the profits and dividends of its operating subsidiaries, which run licensed retail and online betting and gaming services. The group’s principal revenue driver is Fortuna, which combines a large retail betting network with digital sportsbook and casino products. bet-at-home adds an online-focused brand with particular strength in Central Europe and German-speaking markets. Because EMMA owns the operating brands rather than a single platform, its business model is similar to that of a private equity-style investor, but with a strategic focus on CEE gambling.

Products and Brands

Fortuna is the flagship brand. It operates licensed retail sports betting, online sports betting and online casino in Czechia, Slovakia, Poland, Romania and Croatia. bet-at-home is the group’s other main consumer-facing brand, providing online sports betting and casino games to customers in CEE and German-speaking countries. The holding itself is also referred to as EMMA, though that name functions primarily as the corporate platform for the portfolio rather than as a consumer product.

Market Position

EMMA’s operating businesses hold licences in five CEE markets, giving the group a meaningful regulatory footprint across the region. Fortuna is one of the leading sports-betting brands in Czechia and Slovakia and has expanded into Poland, Romania and Croatia. The 2020 combination with Entain created one of CEE’s largest betting groups by revenue, strengthening the group’s position against both locally licensed operators and international players. bet-at-home extends EMMA’s reach into German-speaking markets, where it has historically been a well-known online betting and casino brand.

Ownership and Recent Developments

Entain’s 2021 exit marked a decisive shift in ownership. The sale of its 50% stake to EMMA Capital completed Entain’s withdrawal from Central and Eastern Europe and returned the EMMA gambling group to Šmejc’s full control. Since then, EMMA has continued to operate as a privately held investment and holding group, based in Prague. The company does not appear to publish a standalone employee count or a full executive roster, consistent with its status as a private holding vehicle. Its strategy remains centred on owning and developing regulated betting and gaming businesses in Central and Eastern Europe.