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Headquartered in London and listed on the NYSE, IGT underwent major transformation in 2025 through the sale of its Gaming & Digital business and rebranding of its lottery division as Brightstar Lottery.
Under CEO Vince Sadusky’s leadership since January 2022, IGT completed a $4.05 billion divestiture to Apollo Global Management in July 2025. The transaction created a pure-play lottery company (Brightstar Lottery) and positioned the separated gaming business for private ownership. Through Q1 2025, the company generated $583 million in revenue with adjusted EBITDA of $250 million, representing a 42.8% margin despite lower U.S. multi-state jackpot activity.
Company History
IGT traces its roots to 1975 when William “Si” Redd founded A-1 Supply in Nevada. The company pioneered video poker technology and changed its name to International Game Technology in 1981. In 2015, Italian lottery operator GTECH acquired the original IGT for $6.4 billion. GTECH adopted the IGT name after the merger. The combined company operated lottery systems across multiple continents and gaming machines in casinos worldwide. In July 2025, IGT completed its transformation by divesting its gaming division and rebranding its lottery business as Brightstar Lottery.
CEO Profile
Vince Sadusky became CEO in January 2022. He previously served on IGT’s board since 2010 and chaired its audit committee. Before IGT, Sadusky led Univision Communications as CEO from 2018 to 2020. He also served as CEO of Media General (2014-2017) and LIN Media (2006-2014). His background spans broadcasting, digital media, and capital markets. Under his leadership, IGT completed a strategic review that resulted in the $4.05 billion Gaming & Digital divestiture. Sadusky now leads the newly branded Brightstar Lottery as a pure-play lottery technology company. He holds a bachelor’s degree in accounting from Pennsylvania State University and an MBA from New York Institute of Technology.
Key Business Segments & Revenue Streams
As of 2025, IGT operated as a pure-play lottery technology provider following its gaming division sale. The lottery business includes instant ticket printing and services. It provides draw game technology and systems. iLottery digital platforms enable online lottery participation. The company offers retail systems connecting physical lottery terminals. It manages lottery operations for multiple jurisdictions under long-term contracts. Major markets include the United States, Canada, and Italy. The U.S. represents the largest market with instant ticket and draw game revenues. Italy contributes significant revenue through same-store sales growth. The company’s Italy operations include lottery management concessions. International markets in Europe and other regions provide additional revenue. Prior to the July 2025 divestiture, IGT operated gaming and digital segments that have now been sold to Apollo Global Management.
Financial Profile
IGT demonstrates a strong financial foundation in its core lottery business. Revenue reached $2.51 billion in 2024, down slightly from $2.53 billion in 2023. The decline reflected lower multi-state jackpot activity in the United States. Adjusted EBITDA margins exceeded 46% in 2024, highlighting the lottery business model’s profitability. The company generated over $1 billion in operating cash flow during 2024. Strong cash generation funded debt reduction and shareholder returns. Net debt decreased from $5.2 billion in 2023 to $4.8 billion in 2024. Pro forma net debt leverage reached 2.4x after accounting for gaming sale proceeds. The balance sheet strengthened significantly following the $4.0 billion Apollo transaction proceeds. IGT allocated $2.0 billion to debt reduction commitments. Shareholders received $1.1 billion through special dividends and share repurchases.
Financial Data
Core Financial Metrics (Last 3 Years)
| Metric | 2023 | 2024 | 2025 Q1 |
|---|---|---|---|
| Revenue | $2.53 B | $2.51 B | $583 M |
| Income from Continuing Operations | $271 M | $271 M | $8 M |
| Adjusted EBITDA | $1.21 B | $1.17 B | $250 M |
| EBITDA Margin | 47.8% | 46.6% | 42.8% |
| Net Debt | $5.2 B | $4.8 B | $5.6 B |
Revenue by Geographic Market (Last 3 Years)
| Market | 2023 Performance | 2024 Performance | 2025 Performance |
|---|---|---|---|
| United States & Canada | Primary instant ticket and draw game market | Consistent same-store sales | Lower Q1 due to reduced jackpot activity |
| Italy | 4.1% same-store sales growth | 7% same-store sales growth in Q4 | Sustained momentum in Q1 |
| International Markets | Europe, Australia, Latin America presence | Continued service across global lotteries | Stable international operations |
Latest Financial Report
IGT reported Q1 2025 results in May 2025 showing revenue of $583 million versus $661 million in the prior year. The decline stemmed from lower U.S. multi-state jackpot activity and timing of product sales. Adjusted EBITDA reached $250 million with a 42.8% margin. Income from continuing operations totaled $8 million, including a $33 million non-cash foreign exchange impact. The company maintained strong liquidity with $631 million in cash and $2.2 billion in total liquidity. Operating cash flow increased 159% to $168 million. Management revised full-year 2025 guidance to the lower end of previous ranges. Expected revenue is approximately $2.55 billion. Adjusted EBITDA is projected at $1.10 billion.
12-Month Earnings Summary
IGT delivered $2.51 billion in revenue for the trailing twelve months ending March 2025. The company generated adjusted EBITDA exceeding $1.1 billion with margins above 43%. Lottery operations demonstrated resilience despite variable jackpot activity. U.S. instant ticket and draw game sales showed consistent underlying demand. Italy contributed strong same-store sales growth throughout the period. The company successfully completed its Gaming & Digital divestiture to Apollo in July 2025. Total liquidity remained robust at over $2 billion. Net debt leverage improved to historically low levels. Cash flow generation funded significant shareholder returns including special dividends and share repurchases. The transformation to a pure-play lottery company positions IGT for focused growth in its core market.
References
- Q1 2025 Financial Results – IGT Investor Relations
- Full Year 2024 Financial Results – PR Newswire
- IGT Reports Q1 2025 Revenue – iGaming Future
- Apollo Acquisition Announcement – Apollo Global Management
- IGT Lottery Becomes Brightstar Lottery – Brightstar
- 2023 Financial Results Analysis – iGaming Business
- Full Year 2023 Financial Results – PR Newswire
