Brightstar Lottery, a global operator that previously spun off from IGT, has reported its fourth-quarter 2025 results. With gross gaming revenue (GGR) reaching $668 million, the company has achieved annual growth of 2.61%, surpassing expectations by $4.57 million. This figure suggests sustained market momentum and the company’s growth potential.
Earnings per share (EPS) also increased to $0.36, exceeding the forecast by $0.04, strengthening investor confidence in future performance. The company’s sales grew by 3.5% year-on-year due to increased activity in multi-state jackpots in the US and strong iLottery performance.
Jackpots and iLottery among growth drivers
Vince Sadusky (pictured), CEO of Brightstar, noted that the fourth quarter exceeded expectations for revenue and profit growth. Growth was driven by increased sales at comparable locations. The leading factor in revenue growth was increased activity in multi-state jackpots in the US and strong demand for digital lottery products.
According to the financial report, adjusted EBITDA for the quarter grew 5% year-on-year to $304 million, supported by strong jackpot performance in the US, but was partially offset by expenses related to the transition of contracts in the UK.
‘Our balanced approach to capital allocation was evident in 2025. We reduced debt by over $2 billion, bringing leverage to an all-time low, and returned more than $1 billion to shareholders. We also invested in key initiatives,’ commented Max Chiara, Brightstar’s Chief Financial Officer, on the results. ‘We are entering 2026 in a good position to fund our contractual commitments, which puts us on track to achieve our 2028 financial goals.’
The strong performance of the past year confirms sustained growth in key business areas and high demand. In this regard, management expects revenue for fiscal year 2026 to be between $2.5 billion and $2.55 billion, with adjusted EBITDA between $1.16 billion and $1.19 billion. The Board of Directors also appointed Mariangela Zappia as an independent non-executive director effective 19 February 2026. Ms Zappia is a career diplomat with more than 40 years of experience at the highest levels of international diplomacy and public service.
Successful exit from IGT
The third quarter of 2025 marked Brightstar Lottery’s first full quarter since exiting IGT Gaming, signifying the company’s strategic refocus on lottery operations. The sale of IGT Gaming was completed successfully, with approximately $4.1 billion in net cash proceeds received on 1 July 2025, and this is listed among the company’s key achievements for the past year.
In the third quarter, the operator reported a 7% increase in revenue to $629 million. Positive dynamics were recorded in all regions: growth was 6.1% in Italy, 1.6% in the United States, and 14.3% in other countries. Brightstar operates in Western Australia, Brazil, the United States, Italy, and other European countries, including the United Kingdom.
During its first five months of independence, the company also secured several significant contracts and renewals. These include a nine-year licence to operate a lottery in Italy; eight-year contracts to manage facilities in Missouri and Wisconsin; a fifteen-year licence in São Paulo (Brazil) in partnership with Scientific Games; a nineteen-year contract in Western Australia; a two-year extension in Texas; and several multi-year extensions for instant ticket printing contracts.
This article was first published in Russian on 2 March 2026.
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