Light & Wonder reports $3.2bn in 2024 revenue as net income surges 86.7% 

Key points: 

– Gaming revenue grew 12% year-on-year to $2.1bn, while SciPlay and iGaming segments increased by 6% and 9%, respectively

– Q4 2024 revenue rose 4% to $797m, as net income climbed 59.7% to $107m

– Light & Wonder completed $462m in share repurchases in 2024, with $243m repurchased in Q4 alone 

Light & Wonder’s gaming segment led revenue gains, generating $2.1bn in 2024, reflecting 12% year-on-year growth. 

The increase was driven by a 22% rise in gaming machine sales, largely due to higher market share in North America and Australia. Additionally, gaming systems revenue rose 13%, while gaming operations unit expansion contributed 4% growth.  

The company’s SciPlay segment posted a 6% increase in revenue, reaching $821m. Growth was supported by record payer metrics and an expanded direct-to-consumer revenue channel, which accounted for 11% of SciPlay’s total revenue.  

iGaming revenue rose 9% to $299m for 2024, supported by strong content launches and expansion in the US and international markets. In Q4 alone, iGaming revenue increased 11% to $78m, highlighting continued momentum in digital gaming.  

Q4 2024 performance and earnings growth  

In the fourth quarter of 2024, Light & Wonder generated $797m in consolidated revenue, reflecting a 4% increase. The company’s Q4 net income grew by 59.7% to $107m, supported by improved operating efficiency and strong performance in gaming.  

– Gaming revenue increased 4% to $515m in Q4, driven by higher unit sales and system upgrades.   

– SciPlay contributed $204m in revenue, maintaining its engagement levels and monetisation rates.  

– iGaming recorded $78m in revenue, up 11%, reflecting stronger game content and platform adoption.  

Light & Wonder’s full-year operating income rose 29% to $668m, while adjusted EBITDA climbed 11% to $1.24bn. Free cash flow reached $318m, reinforcing the company’s ability to fund acquisitions and shareholder returns.   

Grover Gaming acquisition and share repurchase program  

Light & Wonder recently announced the acquisition of Grover Gaming’s charitable gaming assets for $850m in cash. The deal is expected to enhance recurring revenue streams and expand the company’s regulated land-based presence. The transaction is expected to close in Q2 2025, pending regulatory approvals.  

The company also returned $462m to shareholders in 2024 through share repurchases, completing 29% of its $1bn buyback plan. During Q4 alone, Light & Wonder repurchased $243m in shares, further reducing its total outstanding shares.   

Past performance and market trends  

In Q3 2024, Light & Wonder reported a 12% revenue increase to $817m, driven by a 38% surge in gaming machine sales and growth in SciPlay and iGaming segments. The company also expanded its capital return program, repurchasing $44m in shares.   

Earlier in 2024, Light & Wonder faced legal challenges regarding its Dragon Train-themed games, resulting in a court ruling restricting its distribution in North America. However, the company mitigated disruption by replacing 95% of impacted units with alternative products.   

Looking ahead, Light & Wonder aims to continue investing in product innovation and cross-platform strategies while targeting a $1.4bn adjusted EBITDA milestone by 2025.