All You Need to Know About Minimum Deposit Casinos in the US

Light & Wonder has revealed its forecast for the coming years of more than $2 billion by the year 2028. In spite of a slightly rough start this year, the slot machine manufacturer still projects earnings of $1.4 billion in 2025, and it doesn't include the benefits it is projected to gain from the acquisition of G2 Gaming, Inc. and Grover Gaming.

On a difficult day for the broader stock market and gaming sector, Light & Wonder has emerged as a rare bright spot, unveiling a bold long-term forecast during its investor day event. The slot machine manufacturer announced it is targeting $2 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2028 - a significant leap from current levels.

Reaffirming 2025 targets despite Q1 hurdles

Despite challenges during the first quarter of the year, Light & Wonder reaffirmed its 2025 adjusted EBITDA guidance of $1.4 billion. This projection, which suggests a compound annual growth rate of 15% since 2022, does not account for potential synergies and revenue boosts from its recent $850 million acquisition of assets from G2 Gaming, Inc. and Grover Gaming, Inc. Analysts welcomed the reaffirmation as a sign of stability amid headwinds. The company also expects its earnings per share to double by 2028, rising from $5.27 in 2024 to $10.55.

Jeffrey Stantial, an analyst from Stifel, noted that the long-term targets were 'sufficiently achievable' and even 'conservative' when compared to the company's peers. "Implied organic growth still nicely outpaces most rivals," he wrote in a client note. He also cited improved clarity surrounding ongoing litigation with Aristocrat Leisure, adding that a resolution could act as a catalyst for the stock, which he rates hold with a $95 target.

Grover Gaming acquisition a driver of key growth

A major focal point for Light & Wonder's future is its recent acquisition of Grover Gaming and G2 Gaming - a deal seen by many as a potential growth engine, particularly in the charitable gaming sector.

David Katz, a Jefferies analyst, highlighted the acquisition's immediate impact, noting it should add approximately 10,000 units to the company's installed base. He also pointed to the legalization of electronic charitable pull-tab devices in Indiana, where operations are set to commence on July 1, 2025. Katz estimates an additional 1,200 units could be deployed in the state by 2026.

"It [the Grover acquisition] should add 10K units immediately, with a path to upgrade content in five existing markets and new units in Indiana," Katz noted. "We've added the legacy 10K units to our installed base at an estimated $37 WUD."

Charitable gaming offers casino-style wagering through lotteries, slot machines, and table games, but is operated by nonprofit organizations rather than commercial or tribal casinos. Light & Wonder, already a major player in the slot machine space, stands to benefit from Grover's strong financials - including its $111 million in adjusted EBITDA for 2024 and EBITDA and revenue CAGRs of 31% and 29% from 2022 to 2024.

Australian listing strategy remains in focus

Nearly two years after debuting a secondary listing on the Australian Securities Exchange, Light & Wonder is also considering expanding its presence there. The company's primary listing remains on the Nasdaq, but analysts and shareholders continue to speculate on the potential shift in strategic emphasis.

According to Katz, about 62% of Light & Wonder's issued share capital is tied to the US listing, with the remainder linked to Australia. The company expressed interest in joining the ASX 100 and eventually the ASX 50 - two of Australia's key stock indices. It has already achieved inclusion in the Russell 1000 Index in the United States.

While some view Light & Wonder's 2028 forecast as conservative, it sets a strong foundation for steady growth. With strategic acquisitions like Grover, potential legal clarity, and expanding geographic footprints, analysts believe the company is well-positioned to outperform its peers in the coming years.

The Poarch Band of Creek Indians from Alabama has just announced a brand-new approach for the legalization of casino gaming and sports betting in the state. Instead of seeking out legalization only in the legislative session, it will focus on legalization throughout the entire year. Alabama is still one of the few US states with no lottery, and legislators have regularly tried to introduce the legislation, along with casino gaming and sports betting, with no luck for a good number of years.

In the face of repeated legislative setbacks, the Poarch Band of Creek Indians is adopting a new, year-round strategy to push for the legalization of casino gambling and sports betting in Alabama. The move signals a shift in how the tribe plans to build momentum behind an issue that has long divided lawmakers, despite strong public support.

Rethinking the strategy

Rather than waiting for the next legislative session, PCI leaders are working to keep the conversation about legalized gambling alive throughout the whole year. Arthur Mothershed, Executive Vice President of Business Development and Government Relations for Wind Creek Hospitality - the tribe’s gaming arm - emphasized the need for a more proactive approach.

"I think too often we wait until the session starts and then we start working for this agenda or trying to push this agenda across the finish line," Mothershed said. "I think we've got to do a better job of getting the voices of the people heard."

The tribe plans to launch a series of polling initiatives and focus groups before the summer to fine-tune its messaging and build grassroots support.

Alabama's gambling landscape

Alabama remains one of only five states with no state lottery, and efforts to establish one have consistently failed in the legislature over the last 25 years. In recent years, proposed legislation has expanded beyond a lottery to include casino gambling and sports betting - but disagreements over specifics such as revenue allocation have stalled progress.

Despite these political hurdles, public opinion is decidedly in favor of bringing gambling to the state. Polls show that up to 80% of Alabamians support the opportunity to vote on a lottery, and many are open to broader gambling reforms.

Amplifying tribal voices

The Poarch Band of Creek Indians currently operates three electronic bingo casinos in the state and has been increasingly vocal about the need for expanded gambling options. The tribe acknowledges it must do more to advocate for the communities it serves and the economic benefits legalized gambling could bring.

"We're already in the process of setting up more polling before the summer even starts, putting together some focus groups so that we can get a better message to the legislators," stated Mothershed.

In a show of commitment, PCI bought the Birmingham Race Course last year and partnered with the influential lobbying company Fine Geddie. The tribe had even begun preparing for extensive renovations at its facilities, anticipating the passage of a comprehensive casino gambling bill.

According to projections, legalized gambling could bring over 10,000 jobs to Alabama, along with significant new revenue for the state.

Facing political resistance

Still, the road to legalization remains steep. After another failed attempt at passing gambling legislation earlier this year, Senator Greg Albritton, a longtime supporter of the initiative, declared the issue effectively dormant for the foreseeable future.

"We've been struggling with this for 25 - 26 years already...I don't see anything changing," said Albritton, expressing doubt that consensus among lawmakers could be reached anytime soon.

The sentiment contrasts with public opinion and the stance of Governor Kay Ivey, who has signaled openness to a voter referendum on the issue. However, a lack of alignment among lawmakers continues to block meaningful progress.

The Poarch Creek's new strategy aims to bridge that divide by mobilizing voters and reshaping the narrative around gambling in Alabama. With increased outreach and a more sustained lobbying effort, the tribe hopes to turn public support into political action.

Casinos in Atlantic City are feeling the pressure once again, as the latest report from the New Jersey Division of Gaming Enforcement has revealed that onsite casino gaming revenue has gone down this April. Physical casino revenue has continued its decline, showing a 2.7% decrease from April of last year, and this amounted to a loss of nearly $6 million. Meanwhile, iGaming revenue continues to grow by leaps and bounds.

Atlantic City's nine casinos continue to face headwinds, with the latest revenue figures from April 2025 showing a nearly 3% decline in brick-and-mortar gaming performance compared to the same month last year. As the traditional casino industry in New Jersey grapples with reduced in-person activity and dwindling sports betting revenue, the steady rise of online gaming provides a rare bright spot.

In-person casino revenue drops yet again

According to data released Friday by the New Jersey Division of Gaming Enforcement, gross gaming revenue from Atlantic City's physical casinos totaled $211 million in April, down 2.7% year-over-year. This equates to a loss of approximately $5.9 million from April of 2024.

The drop was driven largely by a sharp decline in table game earnings. Dealers retained just under $48.8 million from players' wagers - a drop of $9.3 million or nearly 16%. Slot machines fared better, with revenue increasing 2.1% to $162.2 million, but not enough to offset the broader decline.

So far in 2025, retail casino revenue has lagged behind 2024’s pace. From January through April, Atlantic City's casinos have collectively earned 2% less than during the same period last year, translating to $17.5 million less in revenue from in-person gambling.

Sportsbooks see fewer bets, lower profits

Atlantic City's brick-and-mortar casinos aren't alone in their struggles. Sports betting revenue in New Jersey is also on the decline. From January to April 2025, total sports wagers amounted to $4.2 billion - a billion dollars less than the $5.2 billion bet during the same timeframe in 2024.

Oddsmakers won a total of $90.5 million in April, a 15% decrease compared to April 2024, when they earned $106.2 million. So far this year, sportsbooks' total revenue stands at $357.6 million, down 18% - or $76.6 million - compared to this point last year.

Analysts suggest several potential reasons for the decline: increased competition from offshore operators offering better odds, economic constraints curbing discretionary spending, and possibly the success of responsible gaming initiatives encouraging more cautious betting behavior.

Online casinos continue to thrive

While Atlantic City's casinos and sportsbooks stumble, New Jersey's iGaming sector remains a powerhouse. In April alone, online casino platforms raked in $235.2 million, up 25% from the previous year - a gain of $47.2 million.

Year to date, the iGaming sector has generated more than $908.4 million in revenue, representing a 21% increase over 2024. The bulk of that growth has come from online table games, slots, and poker, demonstrating the increasing shift in consumer preference toward digital gambling platforms.

All eyes on summer recovery

Industry stakeholders are now pinning their hopes on the summer season, traditionally Atlantic City's busiest time of year. With thousands of visitors expected to descend on the coastal resort from Philadelphia, New York, and North Jersey, casinos are hopeful for a revenue rebound.

Beach restoration projects along the northern end of the Boardwalk have improved public spaces, and local officials believe this could enhance the city's appeal. James Plousis, chair of the New Jersey Casino Control Commission, praised the city's hospitality workforce and expressed optimism for the months ahead.

"Tourists who visit Atlantic City receive first-class service from dedicated workers in the casino hotels," said Plousis. The enthusiasm shown at the Casino Reinvestment Development Authority's 'Host Awards' foreshadows a promising summer season, he added.

Competitive pressures loom

Looking further ahead, Atlantic City may face even stiffer competition. New York is expected to announce the locations of three new big-time casinos in the near future. With full-scale gaming - including slots, table games, and sports betting - these venues could divert traffic from Atlantic City as they draw patrons from densely populated regions closer to home.

With that in mind, the next few summers may prove pivotal for Atlantic City’s long-term viability. Casinos must not only capitalize on seasonal tourism but also refine their value propositions to retain regional gamblers as new options emerge.