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Brightstar Lottery Reports Second Quarter 2025 Results

Published

5 months ago

July 31, 2025

Niji Narayan

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Reading Time: 5 minutes

Brightstar Lottery PLC has reported the financial results for the second quarter ended June 30, 2025.

“We achieved several important milestones over the last few months. We secured the Italy Lotto license through November 2034, closed the sale of our Gaming & Digital business for $4 billion in cash, and announced plans to return significant capital to shareholders. With a singular focus on lottery and unmatched industry expertise, we are well positioned to create value for all stakeholders with our mission to elevate lotteries and inspire players around the world,” said Vince Sadusky, CEO of Brightstar.

“Our second quarter results reflect sustained global demand for instant ticket and draw games. We are investing in key initiatives to drive sustainable, long-term growth, while also delivering structural cost reductions to right-size the business. The Company’s attractive profit profile and strong, predictable cash flows support our balanced approach to capital allocation,” said Max Chiara, CFO of Brightstar.

Key Highlights

• Successful completion of Gaming & Digital sale for approximately $4.0 billion of net cash proceeds on July 1, 2025.

• Secured several meaningful contract wins and extensions including a nine-year Lotto operator license in Italy, an eight-year contract in Missouri which includes a fully-integrated OMNIA retail and digital solution, and several multi-year instant ticket printing contract extensions.

• Expanding OPtiMa 3.0 cost reduction programme to $50 million to right-size the business following the Gaming & Digital sale.

Second Quarter 2025 Financial Highlights

Second quarter revenue was $631 million, up 3% or stable at constant currency.

• Instant ticket & draw same-store sales increased across geographies with Italy increasing 3.7%, U.S. higher by 0.6%, and Rest of World climbing 8.4%.

• Product sales rose 59% on higher instant ticket printing and terminal sales.

• Foreign currency translation had a positive impact on growth.

• Growth from the drivers above was partially offset by elevated U.S. multi-state jackpot activity and associated LMA incentives in the prior year.

Loss from continuing operations was $60 million compared to income from continuing operations of $84 million in the prior year period.

• Incurred a foreign exchange loss versus a foreign exchange gain in the prior year, primarily reflecting the non-cash impact of fluctuations in the EUR/USD exchange rate on debt.

• Operating income was lower, driven by the high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives in the prior year and restructuring charges related to the expanded OPtiMa 3.0 cost reduction programme in the current year.

• Increased provision for income taxes.

• Dynamics noted above were partially offset by reduced interest expense.

Adjusted EBITDA was $274 million compared to $290 million in the prior-year period, demonstrating resiliency despite incremental investments in the business and multi-state jackpot and LMA dynamics.

• Prior year results include the high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives.

• Selling, general, and administrative costs were modestly higher as ongoing investments in the business were partially offset by OPtiMa cost savings.

• The Q2’25 period benefited from positive foreign currency translation.

Diluted loss per share from continuing operations was $0.47 compared to diluted earnings per share from continuing operations of $0.21 in the prior year. Adjusted diluted earnings per share from continuing operations was $0.12 compared to $0.20 in the prior year, primarily driven by lower operating income.

YTD 2025 Financial Highlights

Year-to-date revenue of $1.2 billion compares to $1.3 billion in the prior-year period.

• The decline was due to higher U.S. multi-state jackpot activity and associated LMA incentives in the prior year.

• Global instant ticket & draw same-store sales rose 1.2%.

Loss from continuing operations was $52 million compared to income from continuing operations of $200 million in the prior year period.

• Lower operating income, primarily due to the items affecting Adjusted EBITDA as noted below.

• Foreign exchange loss versus foreign exchange gain in the prior year, primarily reflecting the non-cash impact of fluctuations in the EUR/USD exchange rate on debt.

Adjusted EBITDA of $524 million compares to $617 million in the prior-year, primarily driven by high profit flow-through from elevated U.S. multi-state jackpot sales and associated LMA incentives in the prior year, partially offset by positive foreign currency translation.

Diluted loss per share from continuing operations was $0.59 compared to diluted earnings per share from continuing operations of $0.56 in the prior year. Adjusted diluted earnings per share from continuing operations of $0.20 compares to $0.47 in the prior year primarily driven by lower operating income, partially offset by reductions in net interest and income tax expense.

Net debt was $5.2 billion compared to $4.8 billion at December 31, 2024. The increase was primarily driven by an approximate $340 million impact from fluctuations in the EUR/USD exchange rate. Net debt leverage was 3.0x pro forma for $2 billion debt reduction completed in July.

Cash and Liquidity Update

Total liquidity was $2.9 billion as of June 30, 2025 with $1.3 billion in unrestricted cash and $1.6 billion in additional borrowing capacity from undrawn credit facilities.

Other Developments

The Company plans to launch a $250 million accelerated share repurchase programme (ASR) by entering into an accelerated share repurchase agreement with a counterparty bank. The Company plans to execute the ASR as part of its $500 million share repurchase authorization outlined below and in accordance with the share repurchase authorisation provided by the Company’s shareholders at the Company’s 2025 Annual General Meeting. The Company has been informed by De Agostini S.p.A., that it does not intend to participate in the ASR.

The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share with a record date of August 12, 2025 and a payment date of August 26, 2025.

Completed the sale of the Gaming & Digital business on July 1, 2025. The Company received approximately $4.0 billion of net cash proceeds that are expected to be allocated in the following manner:

$2.0 billion used to reduce debt (completed in July 2025).

• Redeemed in whole the 4.125% Senior Secured U.S. Dollar Notes due April 2026 and the 3.500% Senior Secured Euro Notes due June 2026.

• Prepaid €300 million of the Term Loan Facilities due January 2027.

• The remaining amount was allocated to prepay the Revolving Credit Facilities due July 2027.

$1.1 billion to be returned to shareholders.

• The Company’s Board of Directors declared a special cash dividend to common shareholders in the amount of $3.00 per share. The record date of the distribution was July 14, 2025, and it is payable July 29, 2025.

• In addition, the Board authorized a $500 million, two-year share repurchase programme. The new authorisation replaces the Company’s existing share repurchase programme.

$500 million to partially fund upcoming Italy Lotto license payments.

$400 million to be used for general corporate purposes.

The U.S. federal income tax consequences of distributions by the Company will depend, in part, on whether the Company has current or accumulated earnings and profits (“E&P”), as determined under U.S. federal income tax principles. Based on preliminary estimates, the Company does not expect to have current E&P for fiscal year 2025 or accumulated E&P from prior fiscal years that would offset the current year expected E&P deficit. Accordingly, the Company anticipates that the special dividend, the Q1 dividend paid on June 12, and any future dividends paid in the current fiscal year will be treated for U.S. income tax purposes as a non-taxable return of capital to the extent of a shareholder’s basis in its shares, and thereafter as capital gain, although no assurances can be provided because the determination of E&P is a full-year calculation which depends upon facts that are not known as of the date hereof.

FY’25 Outlook: Adjusted EBITDA Reaffirmed, Cash Flow Improved

• Revenue of approximately $2.50 billion; adjusting revenue down $50 million compared to the previous outlook to reflect a timing shift in product sales and increased amortization related to Italy Lotto upfront license fee (which is treated as contra-revenue).

• Adjusted EBITDA of approximately $1.10 billion, in line with the previous outlook as incremental benefit from foreign currency translation is offset by higher-than-expected U.S. multi-state jackpot and LMA impacts.

• Net cash used in operating activities of approximately $275 million reflects a $75 million improvement versus the previous outlook driven by interest, income taxes, and other working capital items.

• Capital expenditures of approximately $375 million, a $75 million improvement from the previous outlook to reflect timing shifts related to recent contract extensions.

• Increasing FY’25 EUR/USD assumption to 1.12.

The post Brightstar Lottery Reports Second Quarter 2025 Results appeared first on European Gaming Industry News.

Affiliate Events

Taking Off with N1 Partners at iGB Affiliate 2026 in Barcelona: Grand Final and a Helicopter for the N1 Puzzle Promo Winner

Published

2 days ago

January 9, 2026

Wladimir P.

taking-off-with-n1-partners-at-igb-affiliate-2026-in-barcelona:-grand-final-and-a-helicopter-for-the-n1-puzzle-promo-winner

N1 Partners is heading to iGB Affiliate 2026 in Barcelona with a clear focus on partners and the grand finale of the global N1 Puzzle Promo. During the event dates, N1 Partners will welcome partners at the booth and host an exclusive evening side event in Barcelona, where the winner of the promo will be announced and awarded the grand prize: a Robinson R22 Beta II helicopter.

At iGB Affiliate 2026, N1 Partners will welcome industry colleagues at booth 80-C80. Conversations at the stand will focus on performance, traffic strategies, and the key priorities for growth in 2026.

At booth 80-C80, visitors will find an exclusive “The Sky Is Not the Limit” merch drop created specifically for iGB Affiliate 2026. A cocktail bar will be part of the booth experience, making it a convenient meeting point throughout the day. The N1 Partners booth is designed as a space where partners can easily stop by, start a conversation, and spend time, combining a relaxed atmosphere with the right setting for discussing deals and strategies.

Interactive elements with prizes will add an engaging touch to booth visits. Most importantly, partners will be able to speak directly with N1 Partners affiliate managers about current market dynamics, upcoming trends for 2026, traffic performance, and individual cooperation terms.

N1 Puzzle Promo Grand Finale Party

The N1 Puzzle Promo has been running globally from April 21 to December 31, 2025, bringing partners together around a long-term competition built on performance and consistency. Over the course of the year, participants progressed through the promo step by step, moving up the leaderboard and unlocking rewards as they advanced toward the final stage.

On January 20, N1 Partners will host a private party in Barcelona to mark the grand finale of the N1 Puzzle Promo. During the event, the company will announce the top three partners and the winner of the grand prize, a Robinson R22 Beta II helicopter.

The evening is designed as a celebration of a year-long promo journey. It brings together partners, invited guests, and the N1 Partners team in an informal setting that combines recognition, entertainment, and shared moments. The program follows a structured show format with live performances and curated experiences created specifically for the N1 Partners community.

Find out who the special guest of the evening will be and secure your spot: https://n1puzzle.promo/en.html

Why Meet N1 Partners in Barcelona

iGB Affiliate 2026 is an opportunity for partners to reconnect with the N1 Partners team and benefit from:

14+ licensed casino and sportsbook brands with Reg2Dep up to 70%
Top deals across 10+ Tier-1 GEOs
CPA up to €700 for partners with top-performing traffic, RevShare up to 45% + NNCO, and hybrid models

Book your meetings with N1 Partners affiliate managers at booth 80-C80 and join the N1 Puzzle Promo finale in Barcelona.

After all, why drive when you can fly?

Be number one with N1 Partners.

The post Taking Off with N1 Partners at iGB Affiliate 2026 in Barcelona: Grand Final and a Helicopter for the N1 Puzzle Promo Winner appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Affiliate Management

N1 Faces: Daria Maichuk — “Communication as the Key to Strong, Effective Partnerships in Affiliate Marketing”

Published

2 days ago

January 9, 2026

Wladimir P.

n1-faces:-daria-maichuk-—-“communication-as-the-key-to-strong,-effective-partnerships-in-affiliate-marketing”

In iGaming, many things start with a simple “hi” in chat. Messages turn into long conversations, calls follow one after another, yet the goal remains the same — to make traffic profitable. Behind every dialogue is a person with their own background, approach, and communication style — and that’s exactly what defines the success of any partnership.

Partners need to see more than just a messenger account — they need to see a real person they can trust with their traffic and their goals.

N1 Faces is a series of short and lively interviews where N1 Partners introduces the managers behind the affiliate program: their values, their workflows, and their unique management styles.

Today’s spotlight is on Daria Maichuk, Affiliate Manager at N1 Partners, who shares her journey into the industry, her approach to building reliable long-term partnerships, and how she maintains internal balance while working at a fast pace.

Daria Maichuk

Affiliate Manager, N1 Partners

Daria is the kind of manager whose calm mindset, attentiveness, and quick reaction become obvious within the first minutes of communication. She maintains a fast pace, yet always leaves room for a genuine conversation — and that’s what makes working with her both easy and productive.

How did you get into the affiliate industry, and when did you realize it was the right fit for you?

I entered the industry in 2019, starting as an account manager at an advertising network. We worked with push, pops, native — and I had the chance to dive into each vertical.

After four years, I felt the need to focus on one direction and look at the market from another angle — to understand how different traffic sources operate. The role of an affiliate manager offered exactly that: an opportunity to explore the product in depth, build long-term relationships with partners, see campaign launches from the inside, and directly influence performance.

Why N1 Partners? What aligned in terms of values and approach?

I had known about the company for a long time — since 2020. We ran push-traffic tests together, and met often at conferences. I always noticed the team’s energy, openness, and genuine passion for their work. N1 Partners felt like a place where people truly love what they do.

When the opportunity to join the team appeared, I immediately felt that the rhythm and atmosphere matched me perfectly.

What advice would you give yourself in your first month on the job?

Don’t be afraid of the information flow — trust yourself more. At first everything may seem overwhelming, but over time each puzzle piece falls into place, especially once real practice begins.

How do you usually start communication with a new partner? What’s important to understand in the first five minutes?

It’s ideal when both sides have time for a quick call — to meet, exchange expertise, and discuss all details and expectations for upcoming launches. We share the results we aim to see by certain deadlines, while the partner outlines their vision — which GEOs they want to run now and what conversion they expect.

For me, it’s important to understand how open the partner is, how willing they are to share details about their launch plans, and which approaches they intend to use. Our goal is always the same: find terms that are mutually beneficial.

How do you build trust with a partner to ensure productive cooperation?

Personal communication is key, and conferences help immensely. Face-to-face interaction allows you not only to discuss business but also to learn more about the person. Small details can significantly improve future communication and make it more trusting.

Sometimes one meeting is enough for the dialogue to become smoother, faster, and more efficient.

This personal contact becomes a bridge that simplifies any further work.

Are there cases when you need to give tough feedback? How do you do it while preserving trust and a good working relationship?

Yes, it happens — and in such situations I always rely on statistics and concrete data. Numbers speak for themselves, which keeps the conversation transparent, grounded, and efficient. We look at facts together and make decisions based on them.

Constructive feedback with clear recommendations often becomes the most valuable tool for mutual growth.

What personal communication rules help you maintain speed without sacrificing quality?

I follow several principles: be polite, listen carefully, ask the right questions, avoid interrupting, and clarify anything that may cause misunderstanding.

These simple rules help keep both the pace and the quality of communication high.

What energizes you outside of work, and how does it help in working with partners?

Anything connected to movement and social interaction: sports (three workouts a week), yoga, walking my dog, warm moments with family and friends.

Time spent outside work helps me recharge, stay balanced, and maintain my energy levels. Thanks to this, I remain attentive, calm, and ready for constructive dialogue with partners.

If not iGaming, then… who would you be?

As a child, I dreamed of becoming a flight attendant — I loved the atmosphere of travel and the feeling of being close to the sky.

Speaking of my current interests, I would probably choose marketing — maybe performance or targeted advertising. I’ve always been drawn to its dynamics and opportunities for creativity.

Name the Top-3 tools you can’t imagine an affiliate manager working without.

CRM systems and convenient communication channels

They structure daily workflow, simplify interaction, and help keep important details organized.

Monitoring dashboards and analytics tools

They make it possible to evaluate traffic quality, build reports, and make data-driven decisions.

Work devices & messengers

The backbone of daily communication — calls, quick discussions, approvals, and keeping constant contact with partners.

Phone, laptop, Telegram, and MS Teams are my essentials.

Join N1 Partners

To discuss a new launch, choose the right terms for your traffic, or test an offer, you can contact Daria directly.

N1 Partners provides everything partners need to stay ahead and achieve results: high-converting products, regular analytics with optimization recommendations, and full support from the team.

Become a partner: https://n1.partners/

N1 Partners is more than just an affiliate program. The company brings together 14+ casino and betting brands, operates in 10+ Tier-1 GEOs, delivers Reg2Dep rates of up to 70%, and offers competitive conditions for top partners — CPA up to €700 and RevShare up to 45%.

More than 14,000 partners trust N1 Partners for its transparency, flexibility, and an approach where people and communication quality play a central role.

The post N1 Faces: Daria Maichuk — “Communication as the Key to Strong, Effective Partnerships in Affiliate Marketing” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.