A prominent creator, Light&Wonder, is experiencing prosperity across multiple channels, including in-person, online, and social ones, and is moving to untapped financial markets. The studio’s CEO, Matt Wilson, is looking for possibilities to enter Asia and the US. Operators can learn about the company’s fresh strategy to lead their businesses more effectively.
L&W is a Trendsetter
In the 3rd quarter of 2023, the provider's profit reached $ 731 million. Based on the idea that a world-leading company can be the best in only a few directions, the creator focuses on specific niches.
The provider is selling solutions for the following verticals:
- sports betting;
- social casino;
- lottery.
As L&W gained a competitive edge through simplification, others are beginning to take notice. For example, such opponents as IGT and Playtech started to retail their branches and narrowed the range of activities as well.
The vendor also managed to get a secondary listing on the Australian Stock Exchange, giving entry to new equity. 15% of L&W's market cap now trades on the ASX, exceeding all management expectations. The CEO is sure that rivals will also use this scenario.
Asian Opportunities
According to Mr Wilson's comments, the provider has half of the machine market in Asia. The dominance in the sector was achieved due to the 88 Fortunes title created by the Chinese native Qin You, who feels local customers' needs.
The ASX cross listing offers a stronger foothold for the Eastern market. Japan, Vietnam, and Thailand show promising prospects for the gambling business, but Macau and the Philippines are the main goals.
Mr Wilson has high hopes for the Philippines. The representative of Pagcor plans to double GGR in the shortest time and aims to start purchasing 3,000 gaming machines from the beginning of 2024. After this news, L&W's CEO expressed confidence that the country will have more integrated resorts and a gaming hub on the Macau level in the future.
However, some factors prevent vendor’s work in the Philippines. The supplier takes regulation rules and the legality of operations seriously, and it is complicated to compete with providers that take it less thoughtfully. The authorised body replied that they could control only a small part of the territory. L&W wants to change this situation, as working in the intransparent market and competing with the providers who pay fewer taxes and earn higher margins lessens the chances of success.
The US Perspectives
The United States gaming market is still a challenge for L&W. The thing is that American punters are still used to casino halls, and the process of moving to online gambling takes more time than in other developed world markets.
Even owning the Blazing 7s brand for over 40 years among its titles and franchises, covering land-based casino clients' needs and having huge profits, Mr Wilson still wants to transfer these resources to the digitised ecosystem.
The provider highlighted the tendency among US players to use online casinos if they are allowed in their jurisdictions. Moreover, the young generation prefers gambling via the Internet.
Creator’s CEO advises not to lose a great opportunity and to prepare the business for entertainment digitalisation in America. He seeks to drive fair regulatory initiatives in this territory to ensure a comfortable environment for governments, customers and providers.
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