Last updated on June 10th, 2025
Light & Wonder has completed the acquisition of the charitable assets of Grover Gaming in a deal that includes $850 million in cash, plus a potential $200 million four-year earn-out depending on performance.
Through this deal, which is funded via an $800 million Term Loan A facility, Light & Wonder aims to further expand its presence in the sector of charitable gaming sector.
Light & Wonder concludes this acquisition after a strong financial performance in Q1 2025, with the company reporting a 2% increase in revenue to $774 million during the first quarter, marking its 16th year-on-year growth in succession.
From here, gaming revenue increased by 4%, whereas iGaming also increased by 4%. Moreover, the company recorded an EBITDA increase of 11% and marked margin expansion across all sectors.
Grover Gaming has generated a revenue of $135 million in 2024, and the company expects to further benefit from the game content and distribution scale of Light & Wonder as a result of the acquisition to further boost its numbers.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, commented on the development:
Grover Gaming has established itself as a leader in the fast-growing charitable gaming space. Bringing their assets and expertise into our ecosystem aligns perfectly with our strategy to expand into complementary regulated markets. This addition enhances our position as the leading global cross-platform games company and opens new opportunities to deliver our world-class content to even more players. We’re excited to welcome the Grover team to Light & Wonder.
Similarly, Brian Brown, Chief Executive Officer of Grover Gaming, echoed Wilson’s sentiment:
Joining Light & Wonder marks an exciting new chapter for the charitable gaming business. We’re proud of what we’ve built in the charitable gaming space, and we see a tremendous opportunity to grow even further as part of Light & Wonder. Our teams share a passion for innovation and a commitment to serving customers and communities, and we’re excited to take that to the next level together.
