Light & Wonder Achieves $3.2B Revenue in 2024, Divests Live Dealer Games

Light & Wonder, Inc. (L&W) ended 2024 on a high note, posting record consolidated revenue of $3.2 billion, reflecting a 10% year-over-year increase. This growth was fueled by strong performances across its gaming, iGaming, and social casino businesses. As part of its strategy to optimize operations, the company has announced the divestiture of its live dealer gaming segment, signaling a shift in focus toward its most profitable verticals.

The gaming segment emerged as the company’s dominant revenue driver, accounting for $2.1 billion, a 12% increase compared to 2023. This surge was largely fueled by a 22% rise in gaming machine sales, thanks to market share gains in North America and Australia. Additionally, revenue from gaming systems increased 13%, bolstered by new hardware and software solutions, while gaming operations in North America expanded 4%.

Light & Wonder’s SciPlay division also had a strong year, with revenue climbing 6% to $821 million, surpassing growth in the overall social casino market. The company’s direct-to-consumer revenue model contributed 11% of total SciPlay revenue, reinforcing its high-margin strategy. Meanwhile, iGaming revenue reached $299 million, up 9%, driven by strong content launches and expanding footholds in U.S. and international markets.

In a notable strategic move, Light & Wonder is exiting the live dealer gaming space. The decision, revealed during its February 25 earnings call, was described by CFO Oliver Chow as a move that will generate a “modest uplift” in cash flow. This shift aligns with L&W’s broader goal of refining its portfolio to focus on high-margin and scalable operations.

One of L&W’s biggest moves in 2024 was the $850 million acquisition of Grover Gaming’s charitable gaming business, announced on February 18, 2025. Expected to close in the second quarter of 2025, the deal enhances L&W’s reach in the electronic pull-tab market, expanding its presence in North Dakota, Ohio, Virginia, Kentucky, and New Hampshire.

CEO Matt Wilson emphasized the acquisition’s value, stating that “Grover Gaming has an attractive recurring revenue base and a sticky customer base,” positioning it as a strong long-term investment.

The company also made strides in capital management, returning $462 million to shareholders through share repurchases in 2024. This represents 29% of the $1 billion repurchase plan authorized in June 2024, reinforcing Light & Wonder’s commitment to enhancing shareholder value.

By year-end, the company reported a net debt leverage ratio of 2.5x to 3.5x, maintaining financial flexibility. L&W also amended its credit agreement in February 2025, increasing its revolving credit capacity to $1 billion while reducing costs.

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As Light & Wonder approaches its second anniversary on the Australian Securities Exchange (ASX), it is evaluating a potential dual primary or sole listing on the ASX. Chair Jamie Odell praised the ASX’s role in supporting gaming companies, calling it “a premier exchange with a strong history of backing global gaming firms.”

Looking ahead to 2025, Wilson remains optimistic about L&W’s growth trajectory. “Gaming continues to deliver exceptional results,” he said, noting the company’s first-place ranking in gaming machine shipments across North America and Australia.

As L&W continues its expansion in regulated markets, refines its product portfolio, and enhances financial stability, the company appears well-positioned to meet its 2025 financial targets while capitalizing on new market opportunities.

Source:

, World Casino Directory, February 27, 2025.