Light & Wonder Seals $1.05B Grover Gaming Acquisition
Light & Wonder finalized its $1.05 billion acquisition of Grover Gaming’s charitable gaming assets, expanding its footprint in the fast-growing charitable gaming sector with over 10,000 electronic pull-tab units.
A Big Win for Light & Wonder
Light & Wonder, a global gaming powerhouse, wrapped up its acquisition of Grover Gaming’s charitable gaming assets, shelling out $850 million in cash upfront with a potential $200 million earn-out tied to revenue goals through 2028.
The $1.05 billion deal hands Light & Wonder control of over 10,000 leased electronic pull-tab units across North Dakota, Ohio, Virginia, Kentucky, and New Hampshire, operating on a steady recurring revenue model.
Grover Gaming, founded in 2013, has built a top-tier reputation in charitable gaming, raising funds for local charities through regulated products like electronic pull-tabs.
The acquisition covers Grover Gaming’s charitable gaming assets, known as Grover Charitable Gaming, which generated $135 million in revenue and $111 million in adjusted EBITDA in 2024.
The deal’s price tag, $850 million upfront plus up to $200 million in a four-year earn-out, reflects a 7.7x multiple of Grover’s 2024 adjusted EBITDA, a smart buy for a high-margin business, sources say.
Light & Wonder funded the purchase with a new $800 million term loan, due in 2028, keeping its net debt leverage within a 2.5x-3.5x target range. About 120 Grover employees, mostly from Virginia, Ohio, Kentucky, New Hampshire, and North Dakota, joined Light & Wonder. The deal closed in Q2 2025, after clearing regulatory hurdles, as planned.
Team and Leadership Shifts
The integration brought 120 Grover Gaming employees into Light & Wonder’s fold, ensuring continuity for customers in states like Ohio and Virginia. Brian Brown, Grover’s former CEO, now heads Light & Wonder’s charitable gaming division, steering the unit’s growth.
Garrett Blackwelder, Grover’s founder, will work with Light & Wonder for four years to drive the business forward, leveraging his deep ties with charitable groups.
The cultural fit between the two companies, both big on innovation and customer service, should smooth the transition, with combined teams keeping the focus on charities and players. Light & Wonder’s Matt Wilson called the deal a perfect match for expanding into regulated markets, while Brown sees it as a chance to take charitable gaming to new heights.
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