Light & Wonder

What Light & Wonder does

Light & Wonder is a cross-platform global gaming company that designs, manufactures, and distributes electronic gaming machines, casino management systems, table game technology, and digital gaming content for casino operators, cruise lines, tribal gaming facilities, online gaming platforms, and gaming regulators across North America, EMEA, Australia, New Zealand, and select Asian and Latin American markets. Founded in 1973 as Scientific Games Corporation and rebranded in 2022, the company is headquartered in Las Vegas, publicly traded (now solely on the ASX after a November 2025 Nasdaq delisting), and operates across three core segments: Gaming (land-based cabinets such as Kascada, Cosmic Dual, Cosmic Sky, and LightWave Solar; table games including shufflers, displays, and payment solutions; and systems such as CONNEXUS and CANVAS), iGaming (the OpenGaming content aggregation marketplace distributing Light & Wonder and third-party studio titles to operators globally), and SciPlay (social casino gaming via freemium in-app purchases). The company also owns Grover Gaming (charitable gaming assets acquired in May 2025 for $850 million) and a portfolio of iconic game franchises including Willy Wonka, Wizard of Oz, Dancing Drums, 88 Fortunes, Huff N' Puff, Rainbow Riches, and Dragon Train.

Light & Wonder monetizes through a mix of hardware sales (gaming machines and cabinets to operators), recurring gaming operations (leased machines, wide-area and local progressive jackpots, and game-op-exclusive arrangements), marketplace commission via OpenGaming, freemium social gaming through SciPlay (with direct-to-consumer penetration reaching 25% in Q4 2025), systems licensing and PaaS contracts (exemplified by the 10-year Illinois Gaming Board CONNEXUS contract and the 7-year SkyCity deal), and IP licensing for its branded game franchises. Recurring revenue represented 73% of total revenue in Q1 2026, and adjusted free cash flow surged 86% YoY to $207 million in the same quarter. Underlying technology includes proprietary game engines, hardware cabinet platforms, the OpenGaming single-integration aggregation network, the CANVAS unified application platform, the Engage AI analytics platform, and AI-assisted cybersecurity tooling. Distribution combines direct enterprise field sales to major casino operators, channel partners (e.g., Betson Enterprises for Nebraska, Tumas Group for EMEA), and the OpenGaming two-sided marketplace reaching hundreds of online operators.

For full-year 2025, the company generated approximately $3.31 billion in revenue with record consolidated AEBITDA of $1.44 billion (+16% YoY). The iGaming segment has delivered 14 consecutive quarters of double-digit revenue growth, the North American premium installed base has expanded for 23 consecutive quarters, and management has reaffirmed long-term 2028 targets of $2 billion AEBITDA and adjusted EPS above $10.55. Strategic positioning centers on cross-platform content parity across land-based, online, and mobile channels, durable systems contracts with regulators and large operators, and continued bolt-on M&A in content studios, loyalty, and adjacent gaming verticals.

Name

Light & Wonder

Legal name

Light & Wonder, Inc.

Website

https://www.lnw.com/

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Light & Wonder is a cross-platform global gaming company that supplies electronic gaming machines, cabinets, casino management systems, digital iGaming content, and social casino games to casino operators, cruise lines, tribal gaming, and online operators across North America, EMEA, Australia, and emerging regulated markets, with iconic franchises including Willy Wonka and Wizard of Oz.

Ownership category

akta.pro rank

Product category

Casino Gaming Equipment & Content

NAICS

Gambling Industries (7132), Other Gambling Industries (713290), Other Gambling Industries (71329)

SIC

Services-Miscellaneous Amusement & Recreation (7990), Services-Amusement & Recreation Services (7900)

akta.pro primary industry

iGaming Platform Providers (Turnkey/Casino & Sportsbook Platforms) (MPAEAKAA)

akta.pro secondary industries

Electronic Table Games (ETGs) & Stadium Gaming Terminals (MPAEANAC), Casino Management & Surveillance Hardware (CCTV, Access Control, Count Room Equipment) (MPAEANAF), Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer) (MPAEABAJ)

Keywords

• Casino gaming machines
• IGaming content platform
• Casino management systems
• Slot game content
• Gaming hardware cabinets

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Marketing or Sales, Operations, Others

Revenue model

1. Gaming Machine Sales: Sale of electronic gaming machines and cabinets to casino operators, cruise lines, and tribal gaming venues. Gaming segment revenue rose 12% to $2.1 billion in 2024, with machine sales increasing 22%. Q1 2026 gaming revenue was $512 million with a 24% table products uplift.
2. Gaming Operations: Recurring revenue from leased gaming machines, wide-area and local progressive jackpots, and other game-op-exclusive arrangements. Gaming operations revenue grew 38% in Q1 2026 to $241 million. North American premium installed base grew for the 23rd consecutive quarter.
3. SciPlay Social Gaming: Free-to-play social casino gaming through the SciPlay subsidiary, generating revenue through in-app purchases. SciPlay revenue was $821 million in 2024, with direct-to-consumer penetration reaching 25% in Q4 2025.
4. iGaming (OpenGaming): Distribution of digital gaming content through the OpenGaming platform to online casino operators globally. iGaming delivered its 14th consecutive quarter of double-digit revenue growth, with 18% growth in Q1 2026. Q4 2025 iGaming revenue was $94 million (third consecutive record).
5. Systems Solutions: Sale and operation of casino management systems, shufflers, table game displays, payment solutions, and chip sorters. The company secured a 10-year contract with the Illinois Gaming Board for its CONNEXUS system and a 7-year deal with SkyCity for Platform as a Service across Australian and New Zealand casinos.
6. Grover Gaming (Charitable Gaming): Revenue from charitable gaming assets acquired from Grover Gaming for $850 million in May 2025. Grover contributed $43 million in Q1 2026 as a high-margin revenue stream, with full-year 2025 contribution of $102 million.
7. Content Licensing & IP: Licensing of iconic game franchises including Willy Wonka (acquired 2012), Wizard of Oz, Dragon Train, 88 Fortunes, Rainbow Riches, and Dancing Drums to casino operators, online platforms, and hospitality venues globally.

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Light & Wonder manufactures and sells electronic gaming machines, gaming cabinets (Kascada, Cosmic, LightWave Solar), table game technology (shufflers, displays, chip sorters), and casino management systems (CONNEXUS, CANVAS) to land-based casino operators, tribal gaming venues, cruise lines, and gaming regulators globally. Through its OpenGaming platform and SciPlay subsidiary, it distributes digital casino content to online operators and social gamers worldwide, leveraging a portfolio of iconic game franchises (Willy Wonka, Rainbow Riches, Dancing Drums, 88 Fortunes) and AI-powered analytics (Engage AI).

Product overview

Light & Wonder is a cross-platform global gaming company organized into three core business segments: Gaming (land-based casino products including electronic gaming machines, cabinets, table game technology, and casino systems), iGaming (digital content marketplace via OpenGaming platform), and SciPlay (social gaming subsidiary). The company also operates Grover Gaming (charitable gaming assets acquired 2025). Product portfolio spans iconic slot game franchises including Willy Wonka (12 titles), Dancing Drums, 88 Fortunes, Huff N' Puff, Rainbow Riches, Invaders Megaways, and Dragon Train (subject to 2026 settlement). Hardware offerings include LightWave Solar, Kascada Dual/Single Screen, Cosmic Dual/Sky, and Quartz cabinets. Systems platforms include CONNEXUS Central Communication System, OpenGaming network, Unified Wallet, CANVAS unified interface, Engage AI analytics, and HALo loyalty platform (from House Advantage acquisition). The company formerly operated as Scientific Games before 2022 rebranding.

Differentiator

Problem solved

Functional benefit

Brands

• SciPlay: Social gaming division offering casual games and digital entertainment
• Grover Gaming
• OpenGaming
• CANVAS
• CONNEXUS
• Unified Wallet

Products and services

• Gaming Division (Electronic Gaming Machines and Casino Systems)
• OpenGaming iGaming Content Marketplace
• SciPlay Social Casino Gaming
• Grover Gaming Charitable Gaming Assets
• CONNEXUS Central Communication System
• CANVAS Unified Application Platform
• Engage AI Analytics Platform
• Rainbow Riches Slot Game Franchise
• Willy Wonka: Sweet Selection Slot Game
• Dancing Drums Revolution Slot Game
• Hot Trio Fiesta Caliente Slot Game
• HALo Omnichannel Loyalty Platform

Quantifiable outcome

• North American premium installed base grew for the 23rd consecutive quarter
• +9 more outcomes

Named customers16 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature9 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Tumas Group (Portomaso Casino)minorStrategic or Co-development Partner · 22 May 2026Light & Wonder hosted a launch event at Portomaso Casino in collaboration with Tumas Group on May 22, 2026, showcasing its game product portfolio to attendees. The event was a product showcase designed to demonstrate Light & Wonder's latest gaming innovations to the casino audience.
• Betson EnterprisescoreChannel Partner/ Reseller/ Distributor · 15 August 2025Light & Wonder partnered with Betson Enterprises to enter the Nebraska skills games market, launching six game titles on Betson's KASCADA Dual Screen cabinet. Betson also opened a new distribution facility in La Vista, Nebraska to serve licensed terminal operators. This was their fourth collaboration.
• BetMGMcoreTechnology or Integration · 19 June 2025Light & Wonder launched The Wizard of Oz – Follow the Yellow Brick Road game at BetMGM Casino, expanding the Warner Bros.-licensed franchise into online casino gaming. This follows a broader partnership to launch Wizard of Oz slot products across North America and Ontario.
• Grover GamingcoreStrategic or Co-development Partner · 1 May 2025Light & Wonder completed the $850 million acquisition of Grover Gaming's charitable gaming assets in May 2025. Grover Gaming contributes high-margin recurring revenue ($43 million in Q1 2026; $102 million in full-year 2025) and represents a significant expansion into the charitable gaming segment.
• PlayzidominorStrategic or Co-development Partner · 11 February 2025Light & Wonder announced its acquisition of Playzido in May 2022, though specific terms were not disclosed. Playzido was a game development studio that was integrated into Light & Wonder's content creation capabilities.
• Norwegian Cruise LinecoreStrategic or Co-development Partner · 18 December 2024Light & Wonder entered into a partnership to install wide-area progressive jackpots and table games across the entire Norwegian Cruise Line fleet, marking a significant expansion of Light & Wonder's presence in the cruise gaming sector.
• SkyCity Entertainment GroupcoreTechnology or Integration · 8 November 2024Light & Wonder signed a seven-year Platform as a Service deal with SkyCity Entertainment Group to provide its systems across SkyCity's New Zealand and Australian casino properties. This is a major long-term systems deal covering comprehensive casino management technology.
• House AdvantagecoreStrategic or Co-development Partner · 7 October 2022Light & Wonder completed the acquisition of all assets of House Advantage, a loyalty solutions provider based in Las Vegas and India. The acquisition enhanced Light & Wonder's market offerings by integrating House Advantage's omnichannel marketing solutions and its core HALo platform into the company's systems business.

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Everi Holdings: US-listed supplier of gaming machines, casino fintech, and loyalty solutions. Comparable in land-based gaming equipment and systems, with overlap to Light & Wonder's CONNEXUS and CANVAS offerings.
• PlayAGS: US-focused gaming machine and table products supplier targeting regional and tribal casino operators — directly overlapping with Light & Wonder's cabinet and table game business.
• Playtech: iGaming platform and content provider powering operators worldwide (including Delaware North's Ember Casino alongside Light & Wonder). Direct competitor in the iGaming aggregator/platform category where OpenGaming competes.
• International Game Technology (IGT): Global gaming machine, lottery, and iGaming company with overlapping cabinet, systems, and digital content offerings. IGT PlayDigital was ranked No. 1 gaming innovator in a recent industry ranking where Light & Wonder placed No. 2.
• Inspired Entertainment: Gaming machine manufacturer and iGaming content provider. Light & Wonder actually distributes Inspired's premium iGaming content in South Africa through OpenGaming, while Inspired competes with Light & Wonder in core cabinet and digital markets.
• Evolution AB: Swedish-listed leader in live dealer and online casino content (Evolution, NetEnt, Red Tiger). Competes with Light & Wonder's iGaming content portfolio for operator wallet share, especially in European regulated markets.
• Konami Gaming: Privately held Japanese-owned slot machine and casino systems supplier with strong North American cabinet presence (including premium cabinets). Competes directly in land-based gaming machines and class II/III tribal markets.
• Aristocrat Leisure: Australia-based global gaming machine manufacturer and digital content publisher (Pixel United). Direct competitor across land-based cabinets, table products, and iGaming, and counterparty in Light & Wonder's recent IP settlement.

Emerging players

• Pragmatic Play: Privately held online casino content and live dealer studio with rapid global growth. Aggregated by OpenGaming and competing with Light & Wonder's own studios for slot mindshare among online operators worldwide.

Broad incumbents

• Novomatic: Privately held European gaming equipment giant with broad land-based, online, and lottery operations. Overlaps with Light & Wonder across cabinets, table products, and iGaming, but on a larger, more diversified European footprint.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCZaqLW-VRJphtIq9PcESB3w
• Facebookfacebook.com/LightNWonder
• LinkedInlinkedin.com/company/lightnwonder
• Instagraminstagram.com/lnwgames
• Xx.com/LightNWonder

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A33 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Light & Wonder