First Quarter 2024 Revenue at Light & Wonder Reaches New Milestone
In 2024's first quarter, Light & Wonder’s revenue increased 12.8% year-on-year to $756 million due to growth in each of its main business segments.
Light & Wonder see 12.8% rise in revenue in Q1 2024.
LISTEN TO THIS ARTICLE:Revenue was higher from Gaming, SciPlay, and iGaming, which also resulted in a bigger group net profit for the first quarter. It was also the twelfth consecutive quarter of year-on-year growth for the group and the sixth consecutive quarter of double-digit revenue growth.
Once again, the majority of the revenue, $476 million, was generated by gaming, an increase of 13.6% from last year. Revenue from SciPlay grew 10.8% to $206 million and the largest growth of 13.9% came from iGaming, which reached $74 million.
With our unmatched market position and cross-platform capabilities, Light & Wonder has created a compelling value proposition. Our results clearly demonstrate that we are delivering the iconic content the players want with the ability to choose where and when they want to play their favourite Light & Wonder game. The performance in the quarter validates our execution plan. We expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year.
A Closer Look at the Figure
Light & Wonder reported that $517 million in total revenue stemmed from services, an increase of 8.4%. Additionally, product revenue rose by 23.8% to reach $239 million.
Analyzing performance by segment, the group highlighted that its Gaming division continues to achieve strong financial and key performance metrics. According to the company, this success is a reflection of its effective adherence to a robust product roadmap and commercial strategy.
A 13.6% increase in Gaming revenue was attributed to a 30% surge in machine sales and a 9% increase in systems. Moreover, revenue from Gaming operations grew by 3%, fueled by an expansion in the North American installed base and an increase in average daily revenue per unit.
Revenue in the SciPlay social casino business reached a new quarterly peak, propelled by record player interest in social casinos.
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Increased Marketing Expenditure Offsets Revenue
However, the company noted that this revenue growth was somewhat mitigated by higher targeted and planned marketing expenditures. SciPlay sustained its payer count at approximately 600,000 and achieved its highest ever average monthly revenue per paying user, which was $113.93.
Lastly, the iGaming segment not only recorded the highest percentage growth in Q1 but also saw revenue reach a new quarterly record. Light & Wonder highlighted ongoing momentum in both the US and international markets, supported by strong launches of first-party content.
Furthermore, the group reported that wagers processed through its iGaming platform climbed to $22.40 billion in Q1.
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