Light & Wonder Involved in $1.05 billion Sale of Charitable Gaming Assets
Big deal for Light & Wonder. (Image: Piotr Swat / Alamy)
Grover Gaming is selling its charitable gaming assets to Light & Wonder in an eye-watering deal worth upwards of $1.05 billion.
The total consideration of the sale consists of an $850 million cash up front and up to $200 million in contingent payments based on financial targets through 2028.
The transaction is expected to close in the second quarter of 2025, pending regulatory approvals.
Charitable Gaming Experiencing Significant Growth
Grover Gaming was founded in 2013 and is privately owned by Garrett Blackwelder. Grover Charitable Gaming operates over 10,000 leased electronic pull-tab units in five U.S. states. Light & Wonder plans to leverage its land-based gaming content to expand the business, with Grover Gaming's CEO collaborating to drive continued success.
President and Chief Executive Officer of Light and Wonder Matt Wilson said: "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 CEO concluded by saying: "Importantly, there are exciting incremental revenue opportunities to be realized by leveraging Light & Wonder's proven land-based gaming content to a new and loyal customer base. We look forward to continuing to partner with Grover Gaming's customers, building on its strong dedication to customer service.”
Light & Wonder is an Ideal Partner
CEO and Founder of Grover Gaming Garrett Blackwelder said: "I am very thankful for all of our Grover Gaming teammates and how hard they work every day.
"I'm also grateful for our customers' loyalty over the past two decades. We realize without them; we wouldn't be where we are today. Light & Wonder is an ideal partner for us, given our similar company cultures and dedication to innovation and customer service."
Kevin Morse the Chief Development Officer of Grover Gaming spoke about the deal saying: "The real winners are the charities and fraternals in these markets, because of the exciting game content L&W brings to the table.
"We are excited to see Charitable Gaming taken to a new level."
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News WriterMost of my career was spent in teaching including at one of the UK’s top private schools. I left London in 2000 and set up home in Wales raising four beautiful children. I enrolled at University where I studied Photography and film and gained a Degree and subsequently a Masters Degree. In 2014 I helped launch a new local newspaper and managed to get front and back page as well as 6 filler pages on a weekly basis. I saw that journalism was changing and was a pioneer of hyperlocal news in Wales. In 2017 I started one of the first 24/7 free independent news sites for Wales. Having taken that to a successful business model I was keen for a new challenge. Joining the company is exciting for me especially as it is a new role in Europe. I am keen to establish myself and help others to do the same.
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