Light & Wonder Acquires Grover Gaming’s Charitable Gaming Assets in $850 Million Deal
Light & Wonder is boldly moving into charitable gaming by acquiring Grover Gamin for $850 million in cash. The deal also includes a potential $200 million earn-out over four years.
A Strong Market Presence
Founded in 2013 and based in Greenville, North Carolina, Grover Gaming has built a solid foothold in charitable gaming. The company leases over 10,000 electronic pull-tab units across five states: North Dakota, Ohio, Virginia, Kentucky, and New Hampshire. Its recurring revenue model ensures steady financial performance.
In 2024, Grover Charitable Gaming generated $135 million in revenue and $111 million in Adjusted EBITDA.
Garrett Blackwelder, CEO and Founder of Grover Gaming, expressed enthusiasm about the partnership with Light & Wonder: “Light & Wonder is an ideal partner for us, given our similar company cultures and dedication to innovation and customer service. We are excited to see Charitable Gaming taken to a new level!”
Blackwelder will collaborate with Light & Wonder for the next three years to ensure a seamless transition and continued success.
Why This Deal Matters for Light & Wonder
This acquisition allows Light & Wonder to enter a fast-growing market while leveraging its existing gaming expertise.
Matt Wilson, CEO of Light & Wonder, emphasized the significance of the deal: “Grover Gaming is a leading player in charitable gaming, a category that has experienced significant growth in recent years. This transaction complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”
The deal brings several strategic benefits, including:
- Expansion into a new regulated sector where Light & Wonder previously had no presence.
- A loyal customer base supported by strong, long-term relationships.
- Cross-platform opportunities, allowing Light & Wonder to introduce its content to a new audience.
- Immediate financial impact, as the acquisition is expected to boost earnings from the first full year.
Light & Wonder will fund the acquisition through existing cash and additional debt financing. Despite this, the company expects to keep its net debt leverage ratio within the target range of 2.5x to 3.5x.
Additionally, Light & Wonder reaffirmed its 2025 financial target of $1.4 billion in consolidated AEBITDA. The deal is set to close in Q2 2025, pending regulatory approvals and standard closing conditions.
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