Light & Wonder, the leading content provider and developer, powering the growing online gambling industry, released its latest financial results. On Thursday, the company unveiled details regarding its financial performance for the third quarter of 2023. In Q3 2023, Light & Wonder posted strong growth, marking the tenth consecutive quarter for the company with an increase in revenue. Moreover, Q3 marked the fifth consecutive quarter with double-digit growth year-over-year, the latest unaudited report reveals.
Overall, Light & Wonder’s consolidated revenue in Q3 this year increased by 13% year-over-year. The company confirmed that during the recent trading period, it advanced multiple long-term financial targets, propelling the expansion of its business. Not unexpectedly, Light & Wonder’s iGaming and SciPlay revenues soared again, posting record revenues for fifth consecutive quarter.
A breakdown provided by the company reveals that its iGaming revenue hit a record $70 million in Q3 this year. Compared to the corresponding period last year, an increase of 21% is observed, primarily driven by “growth both in the US and international markets,” explained Light & Wonder.
On the other hand, SciPlay enjoyed another strong quarter with revenues up 15% year-over-year to $196 million. According to Light & Wonder, the strong revenue resulted from increased market share and expansion of its social casino business.
Similarly, the company’s gaming revenue increased as well. Judging by the recent figures, Light & Wonder’s gaming revenue hit $465 million in Q3 this year, up by 11% year-over-year. The global gaming company explained that the increase in gaming revenue is the result of an uptick in machine sales for North America and Australia along with a strong performance of table products across North America.
The Company Completed Multiple Strategic Achievements
During the third quarter, Light & Wonder returned some $112 million of capital to shareholders. This was achieved through share repurchases, the company explained. After Q3, in October, Light & Wonder also confirmed it finalized the acquisition of SciPlay. At the time, the gaming company confirmed it acquired the outstanding 17% equity interest in SciPlay it didn’t already own. The closing of this acquisition, Light & Wonder deemed “another critical strategic milestone.”
“Our tremendous team at Light & Wonder continues to deliver exceptional results with double-digit growth across all three of our businesses for the fourth consecutive quarter.“
Matt Wilson, president and CEO of Light & Wonder
Matt Wilson, Light & Wonder’s president and CEO, praised the company’s team of experts for their efforts that resulted in another stellar quarter. He highlighted the closed acquisition of SciPlay as well as the ASX 200 index in Australia as two important achievements during the period. Finally, Wilson predicted that the company will retain positive momentum throughout 2023 and beyond.