Light & Wonder reported record iGaming revenue of $86m for the three months ended 30 September 2025, up 16% year on year. Segment adjusted EBITDA rose 42% to $34m, while SciPlay revenue fell 4% to $197m, mainly because of lower average monthly payers for Jackpot Party.
Record iGaming growth contrasts with lower SciPlay revenue and average monthly payers for Jackpot Party.
Quarter ended 30 September 2026
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Light & Wonder reported SciPlay revenue of $200 million for the second quarter of 2025, down 2% year on year, while adjusted EBITDA rose 6% to $74 million. Chief executive Matthew Wilson said the company had seen improved performance in states taking action against sweepstakes casinos and expected wider regulation to support social gaming. The source also reported that five states had passed prohibitions, with New Jersey’s measure due to take effect on 14 August unless signed by the governor earlier.
Light & Wonder reported $774 million in revenue for Q1 2025, up 1.6% year on year, marking its 16th consecutive quarter of consolidated revenue growth. Gaming revenue rose 4% to $495 million, while SciPlay revenue fell 2% to $202 million and iGaming revenue increased 4% to $77 million; the company reiterated its 2025 adjusted EBITDA target of $1.5 billion.
Jefferies analyst Kai Erman said SciPlay’s performance is an investor concern for Light & Wonder, while expecting the unit to be no greater an impediment in 2027 than in 2026. Erman considered 6% revenue growth for SciPlay optimistic against Light & Wonder’s expectation that it would grow more slowly than the wider market, and said a turnaround could take up to a year.
The pace of gambling revenue growth and the drag from Light & Wonder's SciPlay social-casino unit were investor concerns, according to Jefferies Equity Research analyst Kai Erman. He acknowledged uncertainty around SciPlay but thought it unlikely to pose more of an impediment in 2027 than in 2026.
Light & Wonder appointed Matthieu Labbat to lead its social casino business, SciPlay. He succeeds Josh Wilson, who stepped down last month after seven years in the role. Light & Wonder said Labbat has nearly 13 years of mobile gaming experience, including more than seven years in leadership roles at Product Madness.
Light & Wonder has appointed Matthieu Labbat as chief executive of SciPlay, its social casino business. Labbat succeeds Josh Wilson, who left the SciPlay chief executive role last month after seven years in charge.
Light & Wonder said it reduced debt by AU$153 million during its third quarter and is prioritising further debt reduction. CFO Oliver Chow said the company aims to lower leverage to three times cash flow by June 2027; recurring revenue represented 67% of total revenue, while systems sales fell 24%.