Key points:
- Light & Wonder has acquired Grover Gaming’s charitable assets for $850m, plus a potential $200m earn-out
- The acquisition aims to expand Light & Wonder's reach in the regulated charitable gaming market
Light & Wonder has completed its acquisition of Grover Gaming’s charitable gaming assets, finalising a deal worth $850m in cash, with a potential four-year earn-out of up to $200m based on performance.
The acquisition aims to expand Light & Wonder’s presence in the charitable gaming segment.
Grover Gaming, now operating as a division of Light & Wonder, generated $135m in revenue in FY2024. The company hopes to benefit from Light & Wonder’s distribution scale and game content capabilities off the back of the acquisition.
Commenting on the development, Matt Wilson, President and CEO of Light & Wonder, stated: “Grover Gaming has established itself as a leader in the fast-growing charitable gaming space. Bringing their assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets.
“This addition enhances our position as the leading global cross-platform games company and opens new opportunities to deliver our world-class content to even more players. We’re excited to welcome the Grover team to Light & Wonder.”
CEO of Grover Gaming Brian Brown added: “Joining Light & Wonder marks an exciting new chapter for the charitable gaming business. We’re proud of what we’ve built in the charitable gaming space, and we see tremendous opportunity to grow even further as part of Light & Wonder.
“Our teams share a passion for innovation and a commitment to serving customers and communities, and we’re excited to take that to the next level together.”
Good to know: The deal was funded through an $800m Term Loan A facility
The acquisition comes as Light & Wonder continues its strong financial performance. The company reported a 2% revenue increase to $774m in Q1 2025 – its 16th consecutive quarter of year-on-year growth.
Gaming revenue rose 4%, and iGaming increased 4% as well. EBITDA grew by 11% to $311m, with margin expansion across all segments.
