Brightstar Lottery (formerly IGT Plc) has announced that it is close to completing its cash reward of $1bn to shareholders in 2025.

The cash reward is carried-out as the pledge of Brightstar completing its sale of IGT Digital and Gaming assets, which were merged with Everi Holdings in a $6bn deal executed by Apollo Global.

The announcement headlines Brightstar Q3 trading update, in which the NYSE lottery technology underscores its return to profits, generating a period income of $93m – versus $46m losses recorded by 2024 comparatives.

Period trading sees Brightstar leadership underline the firm’s cash generating capacity as its returns to trading as a stand-alone lottery technology group, following the sale of IGT subsidiaries.

Group revenue rose 7% year-on-year to $629m, supported by a 7.9% increase in same-store sales and robust growth across Italy (+6.1%) and the US (+1.6%). Instant ticket and draw-based games performed strongly, while US multi-state jackpots surged 69%, boosted by the $1.8bn Powerball event.

Period trading saw Brightstar generated Adjusted EBITDA of $294m, up 11% from the prior year, representing a 46.7% margin. The company highlighted “high profit flow-through” from wager-based revenue and continued efficiency savings.

Despite a one-off Lotto license payment in Italy, Brightstar ended Q3 with $1.6bn in cash and cash equivalents and total liquidity of $3.2bn. The sale proceeds have allowed the group to halve its net debt to $2.6bn, reducing leverage to 2.3x Adjusted EBITDA.

2025 targets reaffirmed

Management reaffirmed full-year guidance for FY2025 revenue of approximately $2.5bn and Adjusted EBITDA of $1.1bn. Capital expenditure is now forecast at $340m, around $110m lower than initial estimates, with the group targeting $700m cash from operations (excluding upfront license fees).

Looking further ahead, Brightstar has introduced new medium-term goals, including 2028 revenue of $2.75bn and Adjusted EBITDA of $1.3bn, reflecting a projected 5–6% CAGR over the period.

Leadership sets 2028 vision

CEO Vince Sadusky said: “Q3 marked the completion of our transformation into a lottery pure-play. The better-than-expected results show that Brightstar’s core lottery business is delivering both growth and profitability.”

During Q3, company leadership set new medium-term targets to outline a growing vision for 2028 as a “scaled, data-driven lottery powerhouse” built on organic expansion, efficiency, and disciplined capital deployment”.

By 2028, Brightstar expects to deliver revenue of $2.75bn, reflecting an organic growth rate of more than 5% per year, and adjusted EBITDA of $1.3bn, underpinned by efficiency gains and savings from the OPtiMa programme. 

Under its new vision, Brightstar plans to return $1.7bn to shareholders between 2025 and 2028, supported by its strong liquidity position and streamlined operating model.

“Our 2028 targets reflect a stronger organic growth profile that will drive compelling, incremental value for shareholders,” Sadusky concluded. “We’re entering the next phase as a business defined by stability, scale, and purpose.”

CFO Max Chiara added: “With $1.6bn in cash and leverage down to 2.3x, we are exceptionally well-positioned. Between 2025 and 2028, we expect to generate over $7bn in gross cash, with around $1.7bn earmarked for shareholder returns.”