Revenue growth for Light & Wonder’s 2022

By Mark
Published 03/03/2023
Revenue growth for Light & Wonder’s 2022

Gaming provider Light & Wonder, announced the company’s findings for the 2022 Q4 (from October to December 2022) and fiscal year results for 2022.

Following the sale of its lottery business to private equity company Brookfield Business Partners, and the sale of its OpenBet sports betting platform, Light & Wonder is currently operating across gaming, igaming and social gaming with SciPlay.

The gaming provider also acquired loyalty and marketing specialist House Advantage.

What did Light & Wonder’s 2022 Q4 look like?

Light & Wonder’s revenue between October and December 2022 (Q4) was $682m – up by 18% compared to 2021.

Light & Wonder’s iGaming revenue during 2022’s Q4 also went up, this time by 15% ($62 million). 

SciPlay also experienced a new quarterly record for revenue as this increased by 18% to $182m.

While spending $583 million on operating costs (1.0% higher than 2021), the company also paid $73m in financial expenses (23.2% less than 2021).

Light & Wonder also made a $26 million profit before tax.

The game provider’s Q4 ended with a net profit of $30 million – a 68.4% decrease from 2021.

Light & Wonder also paid $5m in income tax during this period.

Light & Wonder’s 2022 fiscal year

Meanwhile, the gaming provider’s fiscal year (January – December 2022), showed that revenue increased by 17% ($2.51bn) over 2021.

While $1.80bn were earned from services, $717m were attributed to product sales.

Gaming revenue went up by 21% to $1.60bn, while SciPlay revenue also rose to $671m. 

$240m in iGaming revenue meant a 6% increase over 2021.

Operating costs for Light & Wonder went up 9.6% ($2.24bn), and finance expenses after tax increased by 7.9% ($436m).

This meant that the gaming provider lost $163m before tax from ongoing operations – far less than the $294m loss during the previous year.

Describing 2022 as a pivotal year, Light & Wonder’s President, and Chief Executive Officer (CEO) Matt Wilson explained how the gaming provider delivered “on an ambitious and transformative plan” while at the same time focusing on operational success and growth.

In November 2022, Wilson had announced his goals for a streamlined business to achieve further growth follows the company’s Q3 findings – from July to September 2022.

Chief Financial Officer (CFO) of Light & Wonder, Connie James expressed her joy at the progress made by the gaming provider over the past 18 months, and added that Light & Wonder delivered quality earnings and set the basis for sustainable growth in the future.

The gaming provider’s CFO added that as a company, Light & Wonder continue their focus on delivering shareholder value, with the company returning $413 million of capital to shareholders.

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