The founding company FORTUNA sázková kancelář a.s. (“FORTUNA Betting Office, joint-stock co.”) was established as far back as 1990 in Prague, and it became one of the first-ever joint-stock companies in the former Czechoslovakia after the Velvet Revolution. It was founded by four private individuals headed by Michal Horáček. The company's first branch was opened in the same year. Terno, a Slovak sister company, was established a year later. It was founded by the Czech company FORTUNA sázková kancelář a.s. together with Richard Müller and Igor Nosko.