SciPlay's revenues outperform during a remarkable quarter, as reported by Light & Wonder.
Light & Wonder Expands Presence in US iGaming Market
Light & Wonder Inc. (LNW) is making strategic moves to establish a significant presence in the US iGaming market, with plans to expand beyond Michigan in the near future.
The company's Q3 revenue report showed a impressive 13% year-on-year (YoY) increase, reaching $731 million. The gaming sector alone contributed $465 million to this figure. Two of LNW's key sectors, iGaming and SciPlay, had record-breaking quarters.
In Michigan, LNW launched its live dealer platform, Authentic Gaming, marking the US debut of the platform. This move is seen as a multi-year opportunity for growth in the iGaming market.
SciPlay, a LNW subsidiary, also saw success in Michigan. The company achieved record metrics, including a 10.6% increase in daily active users with pay conversion, average monthly revenue per paying user, and average revenue per daily active user. SciPlay generated $196 million in revenue, a 15% YoY increase.
The four most popular games on SciPlay saw double-digit revenue increases, signifying a strong consumer response.
At the G2E in Las Vegas, LNW unveiled a Squid Game slot, based on the popular Netflix show. This slot incorporates popular games from the show, such as Tug of War, The Glass Tile, and Red Light. A successful Squid Game slot could lead to more Netflix-branded titles in the future.
LNW's Open Gaming aggregation platform, Playzido, also played a crucial role in the company's US expansion. Playzido allows smaller overseas studios access to the growing US iGaming market. Michigan marked the US debut of Playzido.
The US market was a primary driver for iGaming's 22% YoY increase, with iGaming generating $70 million in revenue, a 21% increase YoY. LNW's CEO, Wilson, expressed his excitement about launching live dealer games in the US, with a potential 30% share of the iGaming market in the future.
However, the companies that belong to LNW and reached the US market for the first time last quarter are not yet specified. Regardless, it's clear that LNW is making significant strides in the US iGaming market, positioning itself for continued growth in the future.
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