Light & Wonder acquires Playzido while also posting its Q1 results – the latter shows an increase of 26% year on year! (Image from [email protected])
Light & Wonder, formerly Scientific Games has announced its acquisition of Playzido, an iGaming game development platform and content provider. While the specific financial terms of the deal are yet to be made public, this acquisition is yet another that will enhance the scope of the firm’s content capabilities.
Light & Wonder believes that Playzido’s proprietary Remote Gaming Server platform is among the best in the industry and will allow the firm to offer studios without development platforms a quicker route to market. That platform already lists over 500+ casino games from partnering studios, while Playzido has also created 8 video slots of its own. The latter include Deal or No Deal World Slot Megaways and Pirates of Plunder Bay, two of the firm’s flagship titles.
This latest acquisition is yet another show of intent from Light & Wonder as it continues its assault on iGaming markets across Europe, the US, and around the world. As Scientific Games, the NASDAQ listed company had already acquired the Authentic Gaming live casino supplier and two other slot developers in Lightning Box and Elk Studios in recent years. By acquiring these firms, Light & Wonder is not only buying the products and solutions already developed but also the skills, knowledge, and technology of each firm. This gives the firm a strong base in the iGaming verticals it is now focusing on. Compare that to starting from scratch, and you can see why the firm has taken this direction. The rebranding was put in place to signify the company’s more centralised approach across numerous iGaming verticals. Scientific Games is/was a powerhouse in the land-based casino industry, but these acquisitions all point to the firm now making the iGaming industry a big focus.
Playzido is a relatively new content developer that broke onto the scene in 2018. Since then, the firm has secured a strong footing in European markets such as the UK. However, under the wing of Light & Wonder, the firm can now have ambitions of breaking into emerging markets such as those across the US.
On the acquisition, Playzido’s Stuart Banks said:
This deal highlights the fantastic job our team has done to create an amazing games platform that gives up-and-coming development companies to bring their content to the global gaming market. With the acquisition now complete, we can focus on how this deal can help us to extend our reach across multiple markets around the globe.
Acquisition Comes Alongside News of Light & Wonder’s 26% Q1 Revenue Growth
Light & Wonder, the winner of the Casino Content Supplier of the Year at the 2022 EGR North America Awards, has also posted its Q1 results that show a 26% increase year on year. In a quarter that also saw the firm sell off its lottery business for $5.6 billion, Light & Wonder posted Q1 revenue of $572 million.
The sale of the lottery arm of the business was done to align the firm’s new focus as a cross-platform iGaming company, while it also helped the firm to more than half its previous $8.9 billion debts to $4 billion.
Q1 AEBITDA from the firm’s continuing operations was $202 million, a $60 million increase from $142 million on the final quarter of 2021.
Light & Wonder CEO, Barry Cottle commented:
We began the year by making some significant achievements across our brands. Along with strong Q1 growth, we were able to sell our lottery business which helped us to maximise cash and continue with our new vision for the company.
Leave A Comment