Light & Wonder is a global gaming company that develops game content and deploys it across three channels: land-based casino floors, social mobile apps, and real-money online casinos. The company operates through three segments: Gaming, SciPlay, and iGaming. The Gaming segment — the largest — supplies slot machines, casino management systems, and table products (including automatic card shufflers) to licensed casino operators across the U.S. and roughly 177 international markets. L&W sells machines outright and also places machines on casino floors on a participation basis, earning a daily fee or revenue share — the latter model generates recurring revenue and is a key strategic priority. The company recently acquired Grover, which leases electronic pull-tab machines to charities across six U.S. states on a similar revenue-sharing model. SciPlay publishes free-to-play social casino mobile games, including Jackpot Party Casino and Quick Hit Slots, generating revenue through in-app virtual currency purchases and advertising. L&W is expanding a direct-to-consumer platform within SciPlay to reduce app store fees. The iGaming segment licenses game content and operates the Open Gaming System, a content aggregation platform connecting game studios to online casino operators in over 40 regulated markets. L&W's core strategy is to develop hit game franchises — like Huff N' Puff and Ultimate Fire Link — once, then deploy them across all three channels to maximize revenue per game developed. The company targets roughly 17% of revenue toward R&D and capex to sustain its content pipeline.