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November 10, 2022 Sports Betting, Online, Finance, Results

Light and Wonder reports 20% annual revenue growth for Q3

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This increase was partly fueled by the $800m sale of its Sports Betting business.

Light & Wonder (L&W) has announced its Q3 results, reporting a consolidated revenue growth of 20% year-on-year. A large part of this double-digit increase was attributed to the sale of its Sports Betting business for $800m in gross proceeds.

The company also returned $241m in capital to shareholders through share repurchases, which represents 32% of its total program authorization. Meanwhile, its principal outstanding debt was $3.1bn, which translated to a net debt leverage ratio of 3.1x – in line with the targeted range for L&W.

The sale of the Sports Betting branch was part of the company’s goal to streamline the organization and strengthen its balance sheets. L&W CEO Matt Wilson said it could now focus operations on its games and technology assets.

Wilson commented: “Our strengthened balance sheet puts us in a great position to build on our momentum and capture the incredible opportunities in front of us. With a sharpened focus and a clear roadmap to win, we are executing our growth strategy to drive share gains.

“The results this quarter reflect the tangible progress we are making strategically, operationally, and financially as we delivered strong double-digit topline growth and saw clear momentum across all of our businesses. At the center of our company is a robust R&D engine and world-class teams, and I want to congratulate our teams on their continued energy and focus.

“With our strategy in place and with operational momentum building, we have an unrivaled ability to leverage our leading industry positions, evergreen franchises, and unmatched platforms to drive sustainable growth and significant shareholder value.”

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