Light & Wonder continues to secure and strengthen its portfolio, and this is evidenced by its latest investment - a 20% stake in a London slots studio, Bang Bang Games. Light & Wonder has made the investment under its Spark program, a program developed to enrich and promote emerging studios that are operating without a remote server.

Light & Wonder, a leading innovator in the gaming and entertainment industry, is continuing to strengthen its global content portfolio with a strategic investment in a rising European slots entity. The company announced Thursday that it has acquired a 20% equity stake in Bang Bang Games, a London-based developer known for its bold and creative slot titles.

This latest move forms part of Light & Wonder's broader strategy to support and empower emerging game developers, particularly those operating without proprietary remote gaming servers. Bang Bang Games will now gain unprecedented access to the vast and lucrative North American gaming markets, leveraging Light & Wonder's established infrastructure and distribution network.

Spark program drives growth for indie studios

The investment in Bang Bang Games is part of Light & Wonder's Spark program - a platform designed to provide boutique gaming studios with the tools, resources, and distribution capabilities needed to compete on a global scale. Through Spark, Light & Wonder seeks to identify and nurture high-potential studios, helping them reach new markets and expand their player bases.

"We're incredibly proud to take this next step in our journey with Light & Wonder," said Frank McPolin, Chief Executive Officer of Bang Bang Games. "Being part of the Light & Wonder Spark program has already opened up fantastic opportunities for us, and this investment is a strong endorsement of the work we're doing. With Light & Wonder's support, we're in a great position to build on that momentum, grow our reach, and deliver even more bold, creative content to players globally."

The collaboration represents a symbiotic relationship - Light & Wonder gains access to Bang Bang's dynamic and distinctive games, while Bang Bang benefits from the technical and commercial infrastructure of a global leader.

Diversification continues with new partnerships

This equity stake follows another recent strategic move by Light & Wonder: an exclusive distribution agreement with Incentive Games. The partnership will enable Light & Wonder to deliver Incentive Games' titles - including both free-to-play and real-money offerings - into regulated markets across the US, Canada, Europe, and South Africa.

By tapping into Incentive Games' versatile library, Light & Wonder continues to diversify its offerings and appeal to a wider audience. The deal demonstrates the company's commitment to expanding its presence in both emerging and established markets, while enhancing its appeal to players with varying preferences and play styles.

These deals reflect Light & Wonder's aggressive approach to growth, blending organic innovation with well-targeted acquisitions and partnerships.

Major acquisition highlights growth ambitions

Earlier this year, Light & Wonder made headlines with a blockbuster acquisition deal, agreeing to acquire charitable gaming firm Grover Gaming for $850 million. Grover Gaming specializes in electronic pull-tab gaming and has raised over $200 million for nonprofit organizations since 2003, including well-known groups such as Veterans of Foreign Wars and the American Legion.

Operating across five US states, Grover Gaming brings a new dimension to Light & Wonder's portfolio by entering the charitable gaming space - a niche yet growing segment of the gaming industry. The agreement includes a contingent cash consideration of up to $200 million, dependent on Grover's financial performance through fiscal year 2028.

The acquisition, pending regulatory approvals, is expected to close in the second quarter of 2025. More detailed information about the transaction and its strategic implications will be shared during Light & Wonder's upcoming Investor Day on May 20.