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Fortuna Entertainment Group (FEG) has recruited Irish online gambling veteran Victor Corcoran as its new permanent chief executive.

Corcoran arrives at the company – which is a sports betting market leader throughout Central and Eastern Europe – after exiting Flutter Entertainment in June of this year.

Indeed, his last permanent role was as CEO of Paddy Power Online while based in Dublin, where he helped the brand earn the number three ranking for market share in the UK.

Corcoran will now take over from David Vaněk, who was placed in interim charge of FEG on 1 March 2022 following the exit of previous CEO Per Widerström, who departed for a role in private equity after leading the Czech-based gambling group for more than seven years.

Vaněk will now continue in the position of CEO for the Czech Republic after handing over the baton and will also remain in his current role as chairman of the board of directors.

Corcoran also boasts extensive experience in the investment sector. He was fund manager of the Ireland Smart Tech Fund between 2017 and 2018 and is also a director at IFP Investments Limited, which makes active investments in UK and Irish SMEs.

“Firstly, a massive thank you to everyone for the warm welcome but particularly to David Vaněk for his extensive help getting up to speed with the business,” said Corcoran.

“I have really enjoyed listening and learning about the FEG business over the last few weeks. I am truly excited about working with you all in such an opportunity-rich environment,” he added.

Corcoran, who is the brother of former Paddy Power Betfair CEO Breon Corcoran, officially took charge of FEG on 13 September 2022.

FEG is a domestic giant in the Czech Republic but has also expanded operations into Slovakia, Poland, Romania and Croatia.

The firm employs more than 6,000 staff globally and uses its vast retail network to cross-sell customers into the online side of the business. It thrives as an omni-channel operator.

FEG has been privately owned since 2018. The company is understood to generate annual EBITDA in the range of €150m.

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