LONDON, March 21 (Reuters) - Penta Investments is weighing a possible sale of its betting and gaming operator Fortuna Entertainment Group, a spokesperson told Reuters.

The investment group is working with JPMorgan to explore options for the business, which is Central and Eastern Europe's biggest betting firm, it confirmed in an emailed statement.

A sale could value Fortuna, which has operations across the Czech Republic, Slovakia, Poland, Croatia and Romania, at up to 2 billion euros ($2.17 billion), a person with knowledge of the company said, speaking on condition of anonymity.

The process is in the early stages and Penta is expected to proceed with an auction process towards the end of the summer, this person and a second person said.

It "underscores Penta's commitment to meticulously evaluating alternative avenues for the future development of the franchise, ensuring sustainable growth and long-term value creation," the spokesperson added.

Officials from JPMorgan declined to comment, while Fortuna did not respond to requests for immediate comment.

Potential bidders for Fortuna are expected to include European gambling operators and private equity firms with assets in the sector, the first person said. Its annual earnings before interest, taxes, depreciation and amortisation (EBITDA) will be around 200 million euros this year, the same person said. Penta declined to comment on the details.

The sale discussions come as gambling sector valuations have been impacted following regulatory changes in the UK and Ireland, as governments seek to reduce problem gambling.

The impact of higher borrowing costs on some of the larger operators’ debt piles from acquisitions is also weighing on companies.

UK-listed Entain is reviewing options for its overseas brands after facing pressure from activist investors over its languishing share price.

Penta took Fortuna off the Prague and Warsaw stock exchanges in 2018 after buying out remaining shareholders through its gambling subsidiary Fortbet.

The Czech-Slovak private equity group was founded in 1994 and has 14 billion euros of assets under management. It focuses on longer term investments in healthcare, financial services, manufacturing, retail, media and real estate.

($1 = 0.9225 euros) (Reporting by Amy-Jo Crowley; editing by Anousha Sakoui and Jason Neely)