The company, which is one of the world’s tier-one gaming suppliers, has reported revenues that were 20% higher in Q2 2023. The revenues stood at $731 million, posting a significant gain on last year’s results.

Light & Wonder Reports Strength Across the Board in Q2 2023

This achievement marks the ninth consecutive quarter in which Light & Wonder has posted consolidated revenue growth, bringing the company to a $5 million profit from a $150 million loss during the same period last year.

This event was attributed to both the strong performance of SciPlay and iGaming as well as the sale of gaming machines in both North America and Australia, allowing the company to benefit from both of its main verticals. The news was naturally welcomed by Light & Wonder president and CEO Matt Wilson who was excited to see this opportunity shape up:

Our reported numbers continue to validate the investments that we’ve made in our business and demonstrate the significant progress we are making towards our long-term targets.

Light & Wonder president and CEO Matt Wilson

The Global Gaming segment saw a 21% increase in revenues and reached $471 million over the period. Gaming machine sales jumped by 41%, with the North American market driving demand and results. Light & Wonder has delivered a range of solutions for the retail sector, including player systems and table products. Light & Wonder has already been working to increase its presence in the iGaming sector via partnerships with Bang Bang Games, DreamSpin, and more.

Swinging from Loss to Profit in One Year

SciPlay performed remarkably well as well, with the division hitting $190 million, or a 19% gain year-over-year. The company’s iGaming revenue hit another $70 million, or 17% up. This was owing to the company’s performance in the online casino market in the United States, which has been expanding.

Similarly, Wilson spoke about the double-digit top and bottom-line growth that the company has driven across all of its three main pillars of business. Light & Wonder also generated strong cash flow and reduced leverage, Wilson noted, proud of the company’s results. Light & Wonder is also gearing up for an even busier quarter with more events coming where the company will be exhibiting its products in the hopes of driving even stronger business operations.

In the meantime, Light & Wonder has been building up its Environmental, Social, and Governance commitment, as outlined in a new report by the company.

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The newly formed Gambling Regulatory Authority (GRA) has announced a complete ban on the use of cryptocurrencies in land-based casinos, reported Inside Asian Gaming. 

Regulator Aims to Prevent Cryptocurrency Usage in Singaporean Casinos

Albert Yeo, GRA’s General Counsel, stated that casinos have no appetite for the volatile revenue stream associated with cryptocurrencies. The agency aims to prevent digital currencies from even entering the casinos, as allowing their use could prove difficult to stop once it began. Yeo added that the agency is examining legislative frameworks to prevent their use in casinos.

Yeo revealed that the agency is currently engaging with game developers to understand the implications of blockchain-based games like Axie Infinity, where players can trade NFTs and earn Rare Antiquities Tokens. The regulator is grappling with whether this currency constitutes money, money equivalent, or anything of value. If players earn cryptocurrency in the game, they can easily take it out and put it on exchanges.

Singapore’s broader reluctance to regulate the trading or use of cryptocurrencies extends to a ban on advertising by crypto exchanges. The Monetary Authority of Singapore, in a statement issued last November, emphasized the risks of dealing in cryptocurrencies, stating that crypto exchanges can and do fail and cryptocurrencies themselves are highly volatile, with many losing all value.

GRA Takes Holistic and Agile Approach to Regulate Singapore’s Gambling Landscape

The Gambling Regulatory Authority (GRA), established in August 2022 to oversee the entire gambling landscape in Singapore, is designed to keep pace with technological and gambling trends. Its attention is primarily focused on the use of crypto in online gaming, as tracking blockchain transactions poses a significant challenge for regulators.

The GRA replaced the Casino Regulatory Authority (CRA) and is overseeing all forms of gambling in the country, including new products that use technology to blur the line between gaming and gambling. 

The GRA was established through the Gambling Regulatory Authority of Singapore Act and the Gambling Control Act, both of which were passed in March 2022 and came into force on August 1 of the same year. 

The Ministry of Home Affairs reviewed and updated the Casino Control Act to reflect the changes in the industry, and the GRA refreshed the licensing regime to issue more licenses for higher and lower-risk gambling activities. The new regulator has pursued the goal to take a holistic and agile approach to keep up with the pace of change in the gambling industry.

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