Light & Wonder hits record iGaming revenue, plans Nasdaq exit

Light & Wonder has reported record-breaking iGaming results for the second quarter of 2025, even as it prepares for a major shift in its capital markets strategy by delisting from the Nasdaq.

The global gaming technology giant’s iGaming division generated $81 million in Q2, a 9 per cent increase over the same period last year, with adjusted EBITDA surging 17 per cent to $28 million. Wagers processed through its platform hit a record $26.6 billion, driven by the expansion of its partner network and “continued momentum” in North America.

Despite the strong iGaming performance, overall group revenue edged down 1 per cent year-on-year to $809 million, as “macroeconomic uncertainty” prompted more cautious spending by clients. Gaming revenue fell 2 per cent to $528 million, although Light & Wonder reported a 42 per cent expansion of its North American installed base, supported by the $21 million revenue contribution from its acquisition of Grover Charitable Gaming.

Its social gaming arm, SciPlay, continued its upward trajectory with a 6 per cent increase in revenue to $200 million and adjusted EBITDA rising by the same margin to $74 million. Notably, its direct-to-consumer channel now accounts for 18 per cent of SciPlay’s total revenue.

Net income for the quarter climbed 16 per cent to $96 million, with CFO Oliver Chow crediting the company’s “diversified business model” and “disciplined execution” for margin growth. Light & Wonder also returned $100 million to shareholders in Q2 as part of its three-year $100 billion share repurchase programme, now 55 per cent complete.

Shifting to the ASX

Alongside the results, Light & Wonder confirmed it will delist from the Nasdaq by the end of November 2025, concentrating its public listing on the Australian Securities Exchange (ASX) to consolidate its shareholder base. CEO Matt Wilson said the move would “deliver tremendous shareholder value” and support the company’s long-term blueprint.

Since debuting on the ASX in 2023, Light & Wonder has increased its local shareholding from 17 per cent to 37 per cent as of July 2025. In contrast, its US stock price has fallen more than 10 per cent year-to-date.

Malta footprint

Light & Wonder’s record iGaming results also highlight the company’s growing role in Malta’s gaming ecosystem. The firm operates a significant presence on the island, in Sliema, where its team contributes to the development, integration, and regulation-compliant delivery of its digital gaming products for European markets. Malta’s strategic position as an iGaming hub has been central to Light & Wonder’s ability to expand its partner network and serve operators across multiple jurisdictions.