Light & Wonder recently announced its results for the second quarter of 2025, showing solid progress on the operations front despite a slight dip in revenue.
The United States-headquartered gaming technology group also made a strategic pivot. It will be primarily listed on the Australian Securities Exchange (ASX) from November 2025.
The company recorded $809 million in quarterly revenue, down one percent year-on-year from $816m. Experts predicted they would hit $860m, but they missed the mark.
However, their profitability improved. Operating margin rose from 40% to 44%. Adjusted earnings before interest, taxes depreciation and amortisation (EBITDA) consequently rose 7% to $352m compared to $330m in Q2 2024.
Segment Performance
Gaming revenue dropped slightly to $528 million (-2%), but Light & Wonder is expecting an improvement.
Their North American base rose remarkably 42% year-on-year to over 46,300 units after acquiring Grover Charitable Gaming, contributing $21m in revenue.
The iGaming sector registered a record-breaking $81m in revenue, a nine percent climb that also spurred EBITDA, which rose 17% to $28m.
Behind this growth, there was a 22% increase in online wagers and considerable demand in the United States and Canada.
Meanwhile, social gaming arm SciPlay delivered $200m in revenue and $74m in EBITDA (6% increase in both key metrics) with direct-to-consumer sales now accounting for 18% of their total.
Light & Wonder also continued to repurchase shares and returned $100m to investors this quarter. Free cash flow of $29m was low due to a $73m legal settlement.
Strategic Shifts and ASX Move
Light & Wonder has forecast an adjusted EBITDA of up to $1.7 bn. They also predict Net Profit After Tax and before Amortisation (NPATA) between $550m and $575m.
The board approved a complete transition to listing only on ASX, claiming that most of their investors and all of their issued shareholders are based in Australia.
There are serious risks associated with such changes, but chief executive officer Matt Wilson remarked that the move underwent scrutiny, and they consulted investors in the US and Australia.
Australia is a profitable ground for Light & Wonder as the country has a vibrant iGaming culture, as evidenced by the plethora of brands listed on the australianbettingsites.net.au comparison platform.
Australasian Focus Becoming Central
The switch to the ASX-only model shows just how critical the Australasian market has become to Light & Wonder’s growth plans.
That much was clear at the 2025 Australasian Gaming Expo (AGE) in Sydney, where the company was in the limelight.
They caught the eye of the industry experts at AustralianBettingSites with a stunning set of new content, platforms and systems for the region.
Light & Wonder has expanded its studio network from 12 to 16 in the past three years. Six of them will cater to Australian and New Zealand players.
They have improved their operator relationships and received high engagement from the local audience for titles such as Huff N’ Puff.
The company’s momentum in the region is the result of sustained investment in research and development and an intense focus on delivering the best games that drive real results.
Innovations for the Local Market Plus Digital and Social Integration
Light & Wonder treated AGE attendees to an exciting pilot of Fortune Doors.
Meanwhile, the Lock N More Link series restarted the popular Locked And Loaded franchise with four titles, including Huff N’ Puff and Piggy N’ More Bankin’.
Other exciting highlights include Huff N’ Even More Puff, which builds on the success of the Huff N’ Puff series with improved features.
The underwater favourite Legend Of The Deep series was another big hit. Replete with clean ocean-inspired visuals and a mechanic upgrade, it will be a massive hit with players.
Light & Wonder also showcased the advancements they made in their electronic table games, such as Quartz Hybrid Nova and Quartz Vegas Star.
Their new GM Atlas Progressive Table System gives operators a new way to engage players.
Light & Wonder introduced its casino systems solutions at AGE, including responsible gaming tools such as LNW Engage AI and Canvas.
SciPlay enjoyed its first public outing at AGE, bringing mobile titles such as Dancing Drums, Ultimate Fire Link and Huff N’ Puff into the spotlight.