Light & Wonder has announced its financial figures for Q2 2025, together with the news that its shares will leave Nasdaq in New York by November to become a sole listing to the Australian Securities Exchange (ASX) in Sydney.
The headline from Light & Wonder’s report for the second quarter of this year was that consolidated revenue reached $809 million, which was a slight year-over-year decline of 1%, but net income increased 16% to $95 million.
The global gaming and online casino supplier also stated its adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) managed to increase by 7%, for a total of $352 million.
The FY 2025 adjusted EBITDA expectation sits between $1.43 billion and $1.47 billion.
Moving Into The Charitable Gaming Sector
A major development this quarter was the announcement that Light & Wonder had acquired Grover Gaming for $1.05 billion.
The company believes that the move should provide long-term growth in a niche but regulated market across five US states, Kentucky, New Hampshire, North Dakota, Ohio and Virginia.
The expansion into the charitable gaming sector was previously expected to contribute $100 million to the company’s yearly adjusted EBITDA targets.
Oliver Chow, chief financial officer, said: “During the quarter, we continued to invest across the portfolio, arranged financing for the Grover acquisition and continued to execute to our share buy-back program.
“Additionally, with the added $500 million capacity to the program, we expect a smooth transition to our sole ASX listing.”
Falling Revenue In Q2 2025
From the total $801 million revenue generated for the quarter, the only segment to achieve a year-over-year increase was iGaming, which posted $81 million and a 9% rise.
Gaming operations continued to be the primary revenue driver with $528 million but that amounted to a 2% fall on Q2 2024’s return.
Light & Wonder cited a 16% year-over-year decrease in gaming machine sales and 11% reduction in gaming system sales as being behind the slight drop.
SciPlay operations reported a similar year-over-year decrease in revenue while generating $200 million for 2025.
Adjusted EBITA for all three sectors showed increases.
Gaming operations generated an adjusted EBITDA of $280 million, an increase of 3% on 2024, SciPlay hit $74 million which represented a 6% increase and iGaming reported $28 million, 17% up on the corresponding period last year.
Why Light & Wonder Is Leaving Nasdaq
Jamie Odell, the chair of the board of directors, explained the thinking behind quitting Nasdaq in November and being solely available on ASX.
“Since we launched the secondary ASX listing back in May 2023, equity traded on the ASX now accounts for approximately 37% of our total equity,” he said.
“Our Board has determined that moving to a sole primary ASX listing is in the best long-term interests of our shareholders.
“We offer investors a great opportunity to invest in a global growth company, with strong fundamentals, leading market positions in our core segments, growing margins, and strong recurring revenues and operating cash flows.
“We look forward to engaging with stakeholders throughout this process.”
Jim Munro is a betting industry and gambling expert who has been a national newspaper journalist for over 30 years, predominantly at The Sunday Times and The Sun, where he wrote a weekly soccer betting column. Jim also worked on the launch of Virgin Bet with Gamesys and was subsequently head of editorial at LiveScore, the sports media and betting group.
