BRSL | Market Cap: $2.0B (07/13/26)
Industry:
Consumer Services
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DESCRIPTION

Brightstar Lottery (formerly IGT's lottery division) is a pure-play global lottery company, created after IGT sold its gaming and digital units for $4B in mid-2025. Brightstar operates in two modes: as a B2B technology and services provider, and as a direct B2C lottery operator in Italy. On the B2B side, Brightstar designs, installs, and operates lottery systems for government-run lotteries under long-term exclusive contracts — covering central transaction processing, point-of-sale terminals, instant ticket printing, and iLottery platforms. Brightstar serves roughly 90 customers worldwide, including 37 of the 48 U.S. lotteries, with key contracts in Texas, California, Georgia, New York, and Florida. In Italy, Brightstar directly operates the Italian Lotto and Scratch & Win (Gratta e Vinci) lotteries through majority-owned joint ventures, managing the full value chain from game design to retail and digital distribution. Brightstar's primary revenue driver is a percentage of lottery wagers or ticket sales, aligning Brightstar's financials with lottery health. Revenue is driven by wager volumes, jackpot activity (particularly Powerball and Mega Millions in the U.S.), iLottery adoption, and instant ticket printing volumes. Brightstar's growth strategy centers on core land-based U.S. and Italy growth, U.S. iLottery expansion (currently in only 14 of 48 jurisdictions), Italy B2C digital growth (digital lottery penetration is just ~3% vs. mid-teens to 50%+ in European peers), and select international markets including a greenfield Sao Paulo, Brazil joint venture.

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