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Light & Wonder, Inc. Reports Second Quarter 2024 Results

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Light & Wonder, Inc.  reported results for the second quarter ended June 30, 2024.

We maintained strong momentum in the second quarter, delivering an 8th consecutive quarter of double-digit consolidated revenue growth year-over-year, and continued execution on our diverse content roadmap and cross-platform strategy. Consolidated revenue grew 12%, driven by continued strong performance across all our businesses, resulting in robust earnings growth:

  • Gaming revenue increased to $539 million, up 14% compared to the prior year period, primarily driven by global Gaming machine sales growth, which increased 32%, coupled with record Gaming operations unit expansion in the North American installed base and growth across Gaming systems, resulting in AEBITDA growth and margin expansion of 17% and 100 basis points, respectively.
  • SciPlay revenue grew to $205 million, an 8% increase from the prior year period, driven by the social casino business, which continues to outpace the market and gain share on strong payer metrics, while growing our direct-to-consumer platform and expanding AEBITDA margin by 300 basis points.
  • iGaming revenue grew to $74 million, a 6% increase from the prior year period, primarily reflecting continued momentum in North America, while the prior year benefited from $2 million in license termination fees.

First half 2024 consolidated revenue increased 13% to $1.6 billion as we continued advancement towards our long-term financial targets and returned $175 million to our shareholders through share repurchases.

Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business. We saw strong progress in the Gaming business as the expansion of units in the North American installed base reached an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions. We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social and iGaming platforms. The uplift that we have continued to see across the business is a testament to the quality of the talent and culture in our organization. I am pleased with the continued momentum that we are seeing and know that the best is yet to come.”

Oliver Chow, Chief Financial Officer of Light & Wonder, added, “Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile. We continue to see improved earnings quality with consistent growth and healthy margins, all while investing back into the business to scale for the future. The new $1.0 billion share repurchase program is a testament to the value we see in the business and confidence in our ability to execute to plan over the long-term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”

LEVERAGE AND CAPITAL RETURN UPDATE

  • Principal face value of debt outstanding(1) was $3.9 billion, translating to a net debt leverage ratio(2) of 3.0x as of June 30, 2024. Our net debt leverage ratio(2) decreased by 0.1x from December 31, 2023, and remained within our targeted net debt leverage ratio(2) range of 2.5x to 3.5x.
  • Returned $175 million of capital to shareholders through the repurchase of approximately 1.8 million shares of L&W common stock during the first half of 2024 and completed the full $750 million share repurchase authorization. Under the initial share repurchase program, we purchased 11.2 million common shares, or 11.6% of shares outstanding at the inception of the program on March 1, 2022. The average purchase price of $66.72 per share represents a 34% discount to yesterday’s closing price of $100.71. In June 2024, the Board of Directors approved a new three-year share repurchase program(3) of up to $1.0 billion of the Company’s outstanding common stock through June 12, 2027.
  • Repriced our Term Loan B again in July 2024, reducing our interest rate by 50 basis points resulting in a decrease in annualized interest costs of approximately $11 million, or $19 million in annualized interest costs reduction including our January repricing.

(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presentation found in Note 10 to the Condensed Consolidated Financial Statements in our March 31, 2024 Form 10-Q.

(2) Additional information on non-GAAP financial measures presented herein is available at the end of this release.

(3) The program may be conducted via open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender
offers or other derivative contracts or instruments, “10b5-1” plans, or other financial arrangements, and may be suspended or discontinued at any time.

BC Brothers

Why BC Brothers is Betting on “Affiliate-as-a-Product”

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The iGaming affiliate industry has a problem, and it begins with the “Top 10” list. For years, the business has relied on a foundation of simple review pages. Walls of text that often prioritize commission rates over user experience. But as players are becoming tired of biased endorsements, the traditional review site is entering its twilight years.

“Look, the industry is at a crossroads,” says Borja Imbergamo, CEO of BC Brothers. “The old playbook, where you rank operators based on who writes the biggest check and then dress it up as expert advice, is just broken. It’s a short-term hustle in a world that’s demanding long-term transparency.”

Imbergamo isn’t just criticizing the status quo. Instead, he is pivoting away from it. He’s pushing BC Brothers toward this ‘Affiliate-as-a-Product’ model, which honestly isn’t just some clever rebranding. It’s a total shift in architecture. Rethinking the whole way an affiliate actually connects a player to an operator from the ground up.

Breaking Free from the Template

For most affiliates, WordPress is the default setting. It’s easy, it’s fast, and it’s predictable. However, late last year, BC Brothers began a quiet migration away from standard content management systems toward self-built platforms. While still in the pilot phase in several territories, the move represents a declaration of independence from the limitations of templated solutions.

“WordPress is fine, but it’s a bottleneck for innovation,” Imbergamo explains. “Moving to our own infrastructure allows us to be a lot more flexible. We can develop features that a standard plugin simply can’t handle. These are still pilots, but we have very high hopes for these platforms to become our future. It definitely requires more SEO checks, resources and dedication, but surely will pay off in long term”

This technical shift allows BC Brothers to move beyond the bridge model, where a site is just a transition point for a player, and toward a destination model.

Building an Ecosystem

The pivot isn’t just about how the sites are built, but what they offer. While conversion remains a goal, BC Brothers is investing heavily in products that prioritize utility over the immediate click. These projects are less about a direct sales funnel and more about becoming an essential part of the sports content ecosystem.

One example is BetBrothers.football, a site designed to deliver all the real-time football data and stats a fan could want. Alongside it sits BBSportNews, an editorial project covering the “beautiful game” from every angle – from breaking transfer news and defining stories to deep-dive tactical analysis.

“We are building an ecosystem, not a funnel,” says Imbergamo. “If we provide a player with real-time match stats they can’t find elsewhere, or analysis that actually informs their perspective, we’ve earned their time. By the time they do decide to play, they don’t have to head back to Google to find some random review site. They’re already inside our brand’s ecosystem. It’s about giving them that full 360-degree value so they never feel the need to look elsewhere.”

By focusing on these utility tools, BC Brothers is actually playing a much smarter game with lead quality. Think about it – a person who spends twenty minutes studying data on a platform you built is a way more valuable player for an operator than someone who just clicks a “Play Now” button because they saw a shiny banner. One is an engaged user making an informed choice. The other is just a random click that probably won’t stick around.

Playing by the Rules

This approach is particularly vital in regulated markets, where BC Brothers exclusively operates. The company maintains a strict policy of working only in regulated jurisdictions and exclusively with licensed operators. Getting their Greek affiliate license this past March was simply the next logical step in that process. For Borja, ignoring grey markets isn’t some moral crusade. It’s just the right way to make sure sports betting stays entertaining and safe for everyone.

“We really believe that working only with licensed operators is the right way to keep sports betting fun and sustainable,” Borja says. “We’re committed to staying compliant and actually helping the industry grow in every market we’re in. Sometimes that means taking the harder path. But for us, it’s a long-term investment in a safe environment that protects the players and makes the whole industry healthier.”

The Future of the “Brothers”

The transition from a content house to a product studio is a high-stakes bet. It requires more capital and a willingness to walk away from the easy wins of the grey market. At the end of the day, it requires more developers too. But as the iGaming affiliate landscape becomes more crowded with much more pressure from all sides, the “middle man” who offers nothing but a link is losing their place.

“The era of the disposable affiliate site is over,” Imbergamo concludes. “The next big leaders in this space will be the ones who treat it like a serious tech company, more like the SaaS world. Players want tools, interaction, personalization, and they want value for their time. We’re basically building the infrastructure for a future where the product does the talking, and you don’t have to ask for trust because it’s already built into the code.”

The post Why BC Brothers is Betting on “Affiliate-as-a-Product” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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1spin4win

1spin4win & Blask report 7 out of 10 top games in Africa are slots

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The study analyzes key markets across both regions, including South Africa, Nigeria, Ghana, Brazil, Mexico, and Argentina. Using real-time data on game placement and player demand, the research provides a clear view of what content operators prioritize and what resonates most with players. The report also features insights from operators such as BetPawa and MSport, adding industry perspective to the data-driven analysis.

One key finding is that slots continue to dominate across both regions. In Africa, they account for 71% of the Top 30 games featured in casino lobbies, while in Latin America, they make up 67% of the Top 30 games analyzed — outperforming both crash and live formats.

At the same time, the data shows that what operators place in lobbies does not always match what players are actually looking for. Some of the most searched-for games are not prominently featured or are missing from lobbies altogether.

For 1spin4win, this report is part of their broader expansion strategy across Africa and Latin America. The provider began actively extending its presence in these markets in 2025, strengthening partnerships with local aggregators and refining its product strategy to better align with regional player preferences. These include mobile optimization and fast loading and smooth performance even on weak internet connections. In Africa, these efforts led to a 9.2x increase in the number of bets.

Olga Hlukhovskaya, Business Development Director at 1spin4win, “At 1spin4win, we place strong emphasis on working with data. It’s at the core of how we approach product development. We focus on understanding player preferences and making informed decisions that help us deliver experiences that truly resonate with our audience.”

Ilya Batcherikov, Blask CPO, commented, “By aggregating non-branded search data at scale, we help teams understand what players are actually looking for in each market — often before those trends become visible inside the product. This allows operators to move from reactive content strategies to proactive ones, aligning supply with real-time demand and capturing value that would otherwise be missed.”

Full insights from the research are available in the report “What’s hot in LATAM and Africa” on the Blask website.

About 1spin4win

1spin4win is an established game provider founded in May 2021 by ambitious developers with over 15 years of experience in the gambling industry. Since its inception, the company has expanded its portfolio to include over 200 classic online slots, all characterized by quality mathematics, transparent mechanics, and well-balanced gameplay — key factors that drive strong player retention. The studio aims to release an average of four new games each month in 2026 and offers effective promotional tools for casino operators to help them enhance player loyalty.

The post 1spin4win & Blask report 7 out of 10 top games in Africa are slots appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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BC.GAME

BC.GAME Releases “Ganesha Golden Wheel”

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BC.GAME has released its latest online slot Ganesha Golden Wheel, combining Ganesha-inspired imagery, a Golden Wheel mechanic and a dual-bonus structure in a single release. The game is now live on BC.GAME, alongside the Ganesha’s 7-Day Gift campaign, under which players can complete daily tasks during the promotion period to unlock up to 100 Free Spins in total.

Ganesha is a widely recognised elephant-headed deity in Indian culture, commonly associated with wisdom, good fortune and the removal of obstacles. Ganesha Golden Wheel builds on that cultural imagery throughout its visual design, from gold-toned temple architecture and gem detailing to coin motifs and elephant iconography. A prominent Golden Wheel sits above the reels, giving the game a clear visual centre and making the wheel mechanic a defining part of the overall presentation.

In terms of structure, Ganesha Golden Wheel runs on a 3×3 reel layout with five fixed paylines. Wins are formed from left to right across adjacent reels, with all valid payline wins added together. The game has a theoretical RTP of 96.72% and a maximum win cap of 20,000x bet.

Ganesha’s Wild Respins is one of the game’s core features. When two or more Wilds land in the same result, Respins are triggered and the Wilds remain fixed in place. If additional Wilds land during the feature, the Respin count resets and the new Wilds are also held.

The Golden Wheel is another central feature. During spins, the Roman numeral shown in the centre may activate the Inner Ring, Middle Ring or Outer Ring, with rewards increasing through Wheel Upgrade up to 10,000x. The game also includes Sacred Wheel Bonus, Maxwin Wheel Bonus and Wheel Boost Special Spins.

Ganesha Golden Wheel is now live on BC.GAME, with the Ganesha’s 7-Day Gift Free Spins campaign running as part of the launch.

The post BC.GAME Releases “Ganesha Golden Wheel” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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