Brightstar Lottery PLC Dossier
Qualitative Analysis
Business overview
Brightstar Lottery PLC (formerly International Game Technology PLC, or IGT) is a premier pure-play global lottery company. Following the strategic sale of its Gaming & Digital business to funds managed by Apollo Global Management for $4.05 billion on July 1, 2025, the company rebranded and focused exclusively on the lottery value chain. Brightstar operates as a specialized technology, systems, and services provider to government-regulated lottery authorities worldwide. Its comprehensive portfolio includes draw-based games, instant ticket systems, and digital iLottery platforms. The company serves approximately 90 lottery customers across six continents, acting as the primary technology provider to 26 of the 46 lottery jurisdictions in the United States and eight of the world's ten largest lotteries. Brightstar maintains a dominant market position in Italy, where its subsidiaries hold exclusive state concessions for draw-based (Lotto) and instant (Gratta e Vinci) national lotteries.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A comprehensive operational efficiency program designed to streamline the company's cost structure and optimize discretionary spending.
Expected impact: Targeted to deliver $80 million in cost savings, helping to expand Adjusted EBITDA margins and offset growth investments.
Strategic investment in expanding the company's business-to-consumer (B2C) digital lottery and iLottery offerings in Italy.
Expected impact: Expected to drive accelerated sales and high-margin digital wagers, contributing to the company's 2028 financial targets.
Launching a new lottery operation in São Paulo, Brazil, to capture market share in emerging international lottery jurisdictions.
Expected impact: Expected to establish a strong foothold in South America and drive accelerated sales and profit growth through 2028.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To divest the Global Gaming and PlayDigital businesses to Apollo Global Management, transforming the company into a premier pure-play global lottery business.
Financial impact: Yielded approximately $4.05 billion in gross cash proceeds, which were allocated to contract debt reduction ($2.0 billion), shareholder returns ($1.1 billion), Italy Lotto license payments ($500 million), and general corporate purposes.
Strategic Partnerships
A five-year exclusive agreement to develop and distribute Rubik's-themed omnichannel lottery games worldwide, including instant tickets, draw-based games, and iLottery games.
Terms: Financial terms were not disclosed.
A three-year contract extension extending the company's 30+ year partnership to 2032, providing lottery technology, support services, and up to 2,500 new mobile lottery terminals.
Terms: Financial terms were not disclosed.
A nine-year agreement effective December 1, 2025, through November 2034, to operate the Italy Lotto concession.
Terms: Total license fee paid in installments, including a first €500 million installment paid on July 17, 2025, and a final installment of €1.43 billion ($1.67 billion) paid in mid-2026.