Brightstar Q2 results: Operating income down following IGT rebrand
Despite operating income being down 22%, the quarter has still been described as having ‘achieved several important milestones.’
Key points:
– Brightstar Lottery has reported its Q2 financial results, having made $631m in revenue
– These results mark the first time Brightstar has reported its financial results independently of IGT
Brightstar Lottery, the former lottery division of IGT, has announced its financial results for the second quarter of 2025, marking the first time the brand has posted results under its newly rebranded title.
The rebranding came as a result of Apollo’s $6.3bn acquisition of Everi and IGT‘s gaming and digital division, bringing both brands under the IGT brand name.
Revenue for the quarter came to $631m, up 3% year-on-year, though operating income took a notable decline, down 22% year-on-year, or 27% on a constant currency basis, to $139m.
Moreover, income from continuing operations resulted in a loss this quarter, making a loss of $60m compared to an income of $84m this time last year. Earnings per share followed a similar path, sitting at -$0.47 per share compared to $0.21 in Q2 2024.
Adjusted EBITDA, while not experiencing as harsh a decline, was down 5% (or 9% on a constant currency basis) year-on-year to $274m, with a margin of 43.5%, compared to 47.3% this time last year.
Overall, net debt increased by 1% to $5.24bn.
During the quarter
Aside from rebranding, during Q2, IGT (now Brightstar) secured the Italian Lottery licence, which it will operate until 2034 in a consortium that also includes Allwyn, Arianna 2001 and Novomatic Italia.
It also secured an eight-year partnership with Atlantic Lottery to supply its IntelligenEVO video lottery central system. The deal, which covers Canada’s Atlantic provinces (New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island) marks the first time such a system has been implemented in a game-to-system (G2S) market by a World Lottery Association (WLA) member.
Brightstar also signed an eight-year partnership with the Missouri Lottery, aiming to modernise its systems with new digital features, engagement tools and retail terminals.
Comments
On the results, Brightstar CEO Vince Sadusky said: “We achieved several important milestones over the last few months. We secured the Italy Lotto licence through November 2034, closed the sale of our Gaming & Digital business for $4bn in cash and announced plans to return significant capital to shareholders. With a singular focus on lottery and unmatched industry expertise, we are well positioned to create value for all stakeholders with our mission to elevate lotteries and inspire players around the world.”
CFO Max Chiara added: “Our second quarter results reflect sustained global demand for instant ticket and draw games. We are investing in key initiatives to drive sustainable, long-term growth, while also delivering structural cost reductions to right-size the business. The company’s attractive profit profile and strong, predictable cash flows support our balanced approach to capital allocation.”
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