Light & Wonder Completes Grover Gaming Deal

Light & Wonder has completed the purchase of charitable gaming assets from Grover Gaming, locking in an $850 million cash deal and opening the door to a new category in the gaming industry. The acquisition also includes a potential performance-based earn-out of up to $200 million over four years.

Good to know

• The deal involves an $850 million upfront payment, with another $200 million possible through a revenue-based earn-out.
• Grover Gaming’s operations will now function as a division under Light & Wonder.
• The acquisition lets Light & Wonder expand into the regulated charitable gaming market.

With the deal now closed, Light & Wonder adds a new layer to its strategy by entering charitable gaming. The move brings in Grover Gaming’s technology, player base, and operational expertise, adding to Light & Wonder’s existing footprint across regulated gaming markets.

The company aims to build on Grover Gaming’s momentum by blending it with Light & Wonder’s reach and existing cross-platform content.

Leadership confident about future growth

Matt Wilson, President and CEO of Light & Wonder, highlighted the strategic fit of the acquisition. “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.”

Now operating as a division within Light & Wonder, Grover Gaming will continue under the leadership of its CEO Brian Brown, who also commented on the transition.

Earlier discussions led to current direction

Back in February, both companies outlined the deal’s key terms and expressed mutual interest in building a long-term collaboration. At the time, Light & Wonder made clear its goal to support Grover Gaming’s expansion efforts while broadening its own market presence. The acquisition now formalizes that strategy, giving Light & Wonder access to a gaming category that focuses on regulated charitable operations.

Earlier in May, Light & Wonder reported its 16th consecutive quarter of year-over-year revenue growth, processed $25.2 billion in iGaming wagers in Q1, and repurchased 1.9 million shares for $166 million.

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