Key Moments:
- Total Q3 2025 revenue grew 3% to US$841m for Light & Wonder
- iGaming revenue rose 16% to US$86m, while land-based revenue reached US$558m, up 4%
- Adjusted EBITDA increased 18% to US$375m, and net income surged 78% to US$114m
Revenue Highlights Across Segments
Light & Wonder reported record financial results for the third quarter of 2025, with total revenue reaching US$841m, a 3% increase from the prior period. The company credited robust growth in iGaming and consistent expansion in its land-based business for this achievement.
| Segment | Q3 2025 Revenue | Year-Over-Year Change |
|---|---|---|
| iGaming | US$86m | +16% |
| Land-Based Gaming | US$558m | +4% |
| SciPlay | US$197m | -4% |
| Grover Gaming | US$40m | N/A (new acquisition) |
Segment Performance and Business Drivers
The iGaming segment delivered significant growth, posting revenue of US$86m, which represents a 16% year-over-year increase and highlights the rising demand for the company’s digital portfolio. Land-based gaming revenue improved by 4% to US$558m, bolstered by a notable 38% surge in gaming operations revenue and a 9% uptick in North American gaming installations.
Table products revenue increased by 6%, offset in part by a 21% drop in gaming machine sales, which the company attributed to differences in the timing of game launches.
Impact of SciPlay and Grover Gaming
The SciPlay division posted revenue of US$197m, marking a 4% decline. However, its direct-to-consumer revenue reached 20% of the total for this unit. Grover Gaming, acquired in February 2025, contributed US$40m during the quarter, offering additional diversification to Light & Wonder’s revenue streams and supporting its omni-channel ambitions.
Profitability and Strategic Developments
Light & Wonder recorded US$375m in adjusted EBITDA for the period, an 18% increase, while net income climbed 78% to reach US$114m. This performance ranks among the company’s most profitable quarters.
Matt Wilson, president and CEO of Light & Wonder, said the results highlight the success of the company’s R&D efforts and market strategy. He said:
“Our R&D engine continues to deliver world-class content, reflected in another strong quarter for gaming operations and record igaming performance.”
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Wilson added that the integration of Grover Gaming is “progressing well” and that the team is preparing for participation in Indiana’s charitable gaming market, expected to open soon.
Outlook
With strong results from both its digital and land-based gaming businesses, Light & Wonder continues to demonstrate upward momentum as it advances its global market position.
- Author
Daniel Williams
