Company: LAWIL
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000750004-25-000048
Chunk: 131

Company: Light & Wonder, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 131
---
 2025 increased by $4 million and $6 million, respectively, and AEBITDA margin increased by 3 percentage points to 37% and 2 percentage points to 34%, respectively, primarily due revenue generated via our proprietary direct-to-consumer platform, which generates higher margins.

iGAMING

Our iGaming business segment provides a comprehensive suite of digital gaming content, distribution platforms and player account management systems, as well as various other iGaming content and services. The majority of our revenue is derived from casino-style game content, including a wide variety of internally developed and branded games as well as popular third-party provider games. These games are made available to iGaming operators via content aggregation platforms, including Open Gaming System, remote gaming servers and various other platforms. We also provide our Open Platform System, a player account management system which offers a wide range of reporting and administrative functions and tools providing operators full control over all areas of digital gaming operations. Generally, we host the play of our game content which is integrated with the online casino operators’ websites.

40

Current Year Update

We continue to expand our customer base and capitalize on growth in the North American and International markets, including emerging markets, such as Brazil, by leveraging our industry leading platforms, content and solutions, as well as investing in our ability to scale our own original U.S. and international land-based content offering. 

Following the decision made in the first quarter of 2025, the Company has continued to execute on the discontinuation of its Live Casino operations. This reflects our commitment to reallocate resources to maximize our return on investments, and we do not expect that this decision will have a material impact on our iGaming business’s long-term growth prospects.

Results of Operations

Three and Six Months Ended June 30, 2025 and 2024

The increases in iGaming revenue for the three and six month periods ended June 30, 2025 were 9% and 7%, respectively, as compared to the prior year periods, primarily driven by continuing momentum in the North American market and expansion of our partner network. Wagers processed through our Open Gaming System for both current year periods increased to $27 billion and $52 billion, respectively.

Operating expenses increased slightly for both the three- and six-month periods ended June 30, 2025, in correlation with the increase in revenue and primarily due to $2 million and $9 million in restructuring costs, largely related to the discontinuation of our Live