International Game Technology PLC (IGT): History, Ownership, Mission, How It Works & Makes Money

How does a global gaming giant like International Game Technology PLC (IGT) navigate a challenging market while projecting full-year 2025 revenue of approximately $2.55 billion? You need to look beyond the Q1 2025 revenue decline to $583 million and see the core strength: IGT is a global leader in lottery systems and instant tickets, consistently winning major awards like the 2025 EKG Slot Award for its Tiger and Dragon Cash on Reels game. The real story is the strategic pivot, including the planned sale of its gaming and digital business segments, so how will this reshape their entire financial profile and what does it mean for your investment decisions? We'll defintely break down the mission, ownership, and money-making machine behind this lottery and gaming powerhouse.

International Game Technology PLC (IGT) History

Given Company's Founding Timeline

The story of International Game Technology PLC is really a tale of two companies-the pioneering American slot machine maker and the global lottery giant, GTECH S.p.A.-that merged to form the current entity in 2015. But the original, innovative DNA comes from the US side, founded by a true industry legend.

Year established

The predecessor company, A-1 Supply, was established in 1975, later rebranding to International Game Technology in 1981.

Original location

Reno, Nevada, USA, the heart of the American gaming industry.

Founding team members

The founder is widely credited as William 'Si' Redd, known as 'The Slot Machine King' for his early work distributing Bally slot machines.

Initial capital/funding

Specific initial capital figures are not public, but Redd built the company organically through early innovations like video poker. The company's 1981 public offering on NASDAQ provided the first significant capital for rapid expansion and research and development.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is defined by two massive, multi-billion-dollar mergers that fundamentally reshaped its structure and focus. The first was the 2015 acquisition of the original International Game Technology by GTECH S.p.A. for $6.4 billion. That deal created a single, publicly-traded global entity that was a leader in both lottery and casino gaming.

The second, and most recent, is the strategic separation completed in July 2025. This was a complex move: IGT spun off its entire Gaming and PlayDigital (iGaming) division, which was then acquired by funds managed by Apollo Global Management and merged with Everi Holdings Inc. This combined entity, valued at approximately $6.3 billion, will operate under the IGT name, but is now privately held.

Here's the quick math on the 2025 split: The original International Game Technology PLC received $4.05 billion in gross cash proceeds from the sale of its gaming arm, which it used for debt reduction and a special dividend to shareholders. The remaining public company, which is the massive global lottery business, was immediately rebranded as Brightstar Lottery and continues to trade on the NYSE.

What this estimate hides is the impact of low jackpot activity and macroeconomic headwinds, which caused the company to revise its full-year 2025 revenue outlook down to approximately $2.5 billion, with an Adjusted EBITDA of about $1.1 billion. The lottery business is still a cash engine, but the $350 million cash outflow for the Italy Lotto license fee in 2025 shows how major contract renewals can temporarily stress the balance sheet. You can dive deeper into the current financial situation here: Breaking Down International Game Technology PLC (IGT) Financial Health: Key Insights for Investors.

• The 2025 split effectively created two separate industry leaders from one company.
• The lottery business, now Brightstar Lottery, is a pure-play lottery operator.
• The new, privately-held IGT is a formidable casino gaming, digital, and FinTech provider.

The whole thing is a defintely a masterclass in corporate restructuring to maximize shareholder value.

International Game Technology PLC (IGT) Ownership Structure

The ownership structure of International Game Technology (IGT) underwent a dramatic shift in 2025, moving from a publicly traded entity to a privately held, integrated enterprise. This new structure is controlled by a major private equity firm, reflecting a strategic consolidation of the gaming, digital, and financial technology (FinTech) segments of the industry.

Given Company's Current Status

As of July 1, 2025, the entity operating as International Game Technology (IGT) is a privately held company, no longer trading on the New York Stock Exchange. This change resulted from the acquisition and combination of the former International Game Technology PLC's Gaming & Digital business and Everi Holdings Inc. by funds managed by Apollo Global Management (via Voyager Parent, LLC) in an all-cash transaction valued at approximately $6.3 billion.

The former International Game Technology PLC's Global Lottery business was spun off and rebranded as a separate, pure-play lottery company (Brightstar Lottery), which continues to be publicly traded. The new, combined IGT is headquartered in Las Vegas, Nevada, and operates across three core business units: Gaming, Digital, and FinTech.

To understand the deep-pocketed investors driving this new direction, you should be Exploring International Game Technology PLC (IGT) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

Since the new IGT is a privately held company controlled by private equity funds, the exact ownership percentages are not publicly disclosed in the same way as a public company's float. However, the structure is clearly defined by the major financial and strategic investors.

Given Company's Leadership

The leadership team is a blend of executives from the former International Game Technology and Everi Holdings, plus new talent, all focused on integrating the two enterprises and driving growth across the three new business units.

Here's the quick math: the leadership structure is designed to transition from an interim phase to a permanent, specialized model by the end of Q4 2025.

• Chief Executive Officer (CEO): Hector Fernandez is expected to assume the CEO role in the fourth quarter of 2025, following the expiration of his non-compete period.
• Interim CEO: Nick Khin is serving as Interim CEO until Mr. Fernandez's arrival. He will then transition to CEO of the Gaming business unit.
• Chief Financial Officer (CFO): Fabio Celadon is the CFO of the combined enterprise.
• CEO, Digital: Gil Rotem leads the PlayDigital business unit.
• CEO, FinTech: Darren Simmons leads the FinTech business unit, bringing experience from his previous role at Everi.
• Chief Integration Officer: Mark Labay is responsible for overseeing the complex integration of the former International Game Technology and Everi businesses.

This new structure is defintely built to be agile, consolidating the complementary capabilities of gaming content, digital platforms, and financial payment solutions under one focused roof.

International Game Technology PLC (IGT) Mission and Values

International Game Technology PLC's (IGT) mission and values center the company as a technology leader focused on delivering responsible, engaging gaming content within a highly regulated global industry. This commitment to integrity and player experience is the cultural foundation supporting their projected $2.55 billion in annual revenue for the 2025 fiscal year.

You need to know what a company stands for beyond its balance sheet; for IGT, their cultural DNA is built on a global presence in over 100 jurisdictions, adhering to the highest standards of service and responsibility.

International Game Technology PLC's Core Purpose

IGT's purpose is to be the essential partner for governments and operators, driving growth not just through volume but through responsible innovation. This is a crucial distinction in the lottery and gaming space, especially as they manage a workforce of approximately 11,000 employees worldwide.

Official mission statement

The company's formal mission is straightforward, focusing on their core competency-being a solutions provider in a complex, regulated market.

• Provide best-in-class content, services, and solutions to the global, regulated gaming industry.

What this estimate hides is the complexity of operating across segments like Lotteries, Gaming Machines, and Digital (iGaming), all while maintaining the integrity of systems that handle billions of dollars in wagers. For example, their Q1 2025 revenue was $583 million, a figure tied directly to the success of their content and service delivery.

Vision statement

IGT's vision maps out a clear path for market leadership, emphasizing sustainable growth through player engagement and careful governance. They aren't just chasing market share; they are aiming to shape the future of the industry.

• Drive growth in the global gaming industry through greater player engagement and responsible management.

This vision is backed by their continuous investment in innovation, which is key to maintaining an Adjusted EBITDA margin of 42.8% on their lottery business, as seen in Q1 2025. You can learn more about how these statements align with their strategic goals: Mission Statement, Vision, & Core Values of International Game Technology PLC (IGT).

International Game Technology PLC's Core Values

The company's values translate their mission into daily operational behavior for their teams. They are the cultural guardrails that ensure IGT remains a trusted partner to governments and regulators.

• Authentic: Being honest, real, and transparent in all communications.
• Pioneering: Blending imagination with pragmatism to create new, transformative solutions.
• Passionate: Doing everything with conviction and pride in the work, staying positive and resilient.

To be fair, the gaming industry is defintely challenging, but these values directly address the need for trust and innovation. Their focus on being 'Pioneering' is why they continue to roll out new product lines and advanced systems like the ADVANTAGE X casino management system.

International Game Technology PLC slogan/tagline

While the company uses various phrases depending on the context, their core promise and purpose articulate the most consistent message to the market.

• Purpose: Delivering entertaining and responsible gaming experiences for players everywhere.

This focus on the player experience is what drives their product roadmap, like expanding the legendary Wheel of Fortune brand into new categories such as video poker and electronic table games in 2025. Also, the theme for their G2E 2025 presence, 'Together - Built to Win,' highlights their strategic focus on integrated solutions, especially following the planned merger of their gaming and digital business with Everi Holdings Inc.

International Game Technology PLC (IGT) How It Works

International Game Technology PLC (IGT) is rapidly transforming into a premier, pure-play global lottery company, a shift that is largely complete as of late 2025 following the expected sale of its Gaming and Digital divisions to Apollo Global Management for $4.05 billion. The core business now is designing, manufacturing, and operating the secure, high-volume technology infrastructure that powers state and national lotteries, generating predictable revenue from long-term government contracts.

The company essentially runs the entire lottery ecosystem for its customers, from printing the physical scratch-off tickets to managing the central transaction systems and delivering digital instant games (iLottery). With an expected full-year 2025 revenue of approximately $2.55 billion from continuing operations, IGT's value creation is driven by maximizing player engagement and ensuring the integrity of every transaction across its vast global network.

Given Company's Product/Service Portfolio

The company's focus is on its Global Lottery segment, which serves nearly 90 lottery customers across six continents and is the leading technology provider for 26 of the 46 U.S. lottery jurisdictions. This portfolio is built on a business-to-government (B2G) model, providing mission-critical services under long-term concession agreements.

Given Company's Operational Framework

IGT's operational value chain is a highly-regulated, end-to-end process that centers on secure technology and content delivery. It's a defintely complex machine that must run perfectly 24/7.

• Content and Game Development: IGT employs dedicated research and player focus groups to fine-tune game features for local markets, ensuring new draw games and instant tickets like Cash Pop are highly engaging.
• Technology Deployment and Management: The company deploys and manages its central lottery systems, such as the Aurora platform, which handles all transaction processing, game management, and back-office operations for its customers. This often involves upgrading all retailer equipment and deploying new mobile convenience apps with features like Scan and Redeem functionality.
• Manufacturing and Distribution: For instant tickets, the company manages the entire printing process, including proprietary security and distribution logistics, which is a key part of its long-standing contracts with lotteries like the Texas Lottery Commission.
• Cost Optimization: The company is actively implementing the OPtiMa 3.0 cost optimization initiative, which is expected to deliver $40 million in annualized savings by 2026, making the new pure-play business leaner.

This operational excellence is what allows IGT to secure long-term contracts, like the 10-year extension with the North Carolina Education Lottery. If you're tracking the new structure, you should be Exploring International Game Technology PLC (IGT) Investor Profile: Who's Buying and Why? to understand the capital allocation strategy post-sale.

Given Company's Strategic Advantages

The company's market success is rooted in regulatory expertise and entrenched customer relationships, which create significant barriers to entry for competitors.

• Regulatory Moat and Global Scale: IGT holds over 500 global gaming licenses and is already licensed in virtually all regulated jurisdictions, which is a massive competitive advantage in the highly-regulated lottery space. It's a compliance expert, which matters when you are a government partner.
• Entrenched Customer Relationships: The company has decades-long relationships with major lottery operators; for instance, it has been the primary technology supplier to the Missouri Lottery since 1991. These long-term contracts provide stable, predictable revenue.
• Technology Leadership and Innovation: IGT continually invests in new technology, focusing on cloud-based solutions like the IntelligenEVO system and the IGT Evolve suite, which maximize the benefits of real-time data and analytics for lottery operators.
• Financial Discipline: The post-sale IGT will have a low pro forma leverage profile, which is a big deal for financial stability and future investment capacity. A strong balance sheet allows them to bid aggressively on major, long-term government contracts.

International Game Technology PLC (IGT) How It Makes Money

International Game Technology PLC (IGT) primarily makes money by providing mission-critical technology and content to government-regulated lotteries worldwide, operating on a high-margin, recurring revenue model. The company's financial engine is driven by its Global Lottery segment, which earns a percentage of player wagers and revenue from the sale and lease of lottery terminals and instant ticket printing services.

International Game Technology PLC's Revenue Breakdown

As of the 2025 fiscal year, IGT is strategically focused on its Global Lottery operations, with the sale of its Gaming & Digital business expected to finalize by the third quarter of 2025. This means the core revenue is now highly concentrated in lottery services. Based on the Q1 2025 performance, the business model leans heavily on wager-based revenue from instant and draw games.

Here's the quick math: Q1 2025 revenue from continuing operations was $583 million. Instant ticket and draw-based game revenue accounted for $500 million of that, making up the vast majority of the top line. The remaining revenue comes from selling and leasing lottery terminals, central system software, and providing instant ticket printing services.

Business Economics

The economics of IGT's lottery business are compelling because of its annuity-like, long-term contracts with government entities, which typically run for 10 to 20 years. This creates a highly predictable and recurring revenue base.

• Revenue Model: IGT primarily operates on a percentage-of-wager model, where it receives a fee, often around 3% to 6%, of the total sales generated by the lottery games it supports.
• Jackpot Sensitivity: A key variable is the 'jackpot effect.' Lower U.S. multi-state jackpot activity in Q1 2025, for instance, negatively impacted draw game revenue, showing that while the model is resilient, it's defintely not immune to player excitement levels.
• Cost Optimization: The company is implementing the OPtiMa 3.0 cost optimization initiative, aiming to deliver approximately $40 million in annualized savings by 2026, which will further improve the already attractive margin structure of the pure-play lottery business.
• Pricing Strategy: Pricing is negotiated through long-term, government-regulated contracts. The strategy is to embed IGT's technology so deeply into the lottery infrastructure-from point-of-sale terminals to central systems-that switching costs for the client become prohibitively high, effectively locking in future revenue streams.

The shift to a pure-play lottery model is a move toward stability and high cash conversion. You can read more about the strategic direction in the Mission Statement, Vision, & Core Values of International Game Technology PLC (IGT).

International Game Technology PLC's Financial Performance

IGT's financial health in 2025 reflects the resilience of its lottery business, even as it navigates the sale of its other segments and macroeconomic headwinds.

• Full-Year 2025 Guidance: The company expects full-year 2025 revenue from continuing operations to be approximately $2.5 billion, with Adjusted EBITDA projected around $1.1 billion.
• Profitability: The Adjusted EBITDA margin for the continuing lottery business is robust, standing at 42.8% in Q1 2025, highlighting the high-margin nature of the technology and services provided.
• Debt and Liquidity: A major action is the allocation of $2 billion from the Gaming & Digital sale proceeds toward debt reduction, which will significantly lower the pro forma leverage profile. As of March 31, 2025, IGT reported strong liquidity of $2.2 billion.
• Cash Flow: Cash generation is a strength; free cash flow for the first half of 2025 was $259 million. This strong cash flow supports the quarterly cash dividend of $0.20 per share, which provides a compelling yield for shareholders.

What this estimate hides is the one-time impact of the Italy Lotto upfront license fee amortization, which will affect the reported revenue starting December 1, 2025, but the underlying business is solid. Finance: Monitor the final closing of the Gaming & Digital sale and the resulting new debt structure by Q4.

International Game Technology PLC (IGT) Market Position & Future Outlook

International Game Technology PLC (IGT) is now positioned as a pure-play lottery technology and services giant, following the divestiture of its Global Gaming and PlayDigital divisions to Apollo Global Management Inc. This strategic pivot focuses the company on its most resilient, high-margin asset, which is projected to generate approximately $2.55 billion in revenue and around $1.10 billion in Adjusted EBITDA for the 2025 fiscal year.

This new structure is defintely less volatile, relying on long-term government contracts that are expected to make up about 95% of its revenue, providing highly predictable cash flows.

Competitive Landscape

The competitive landscape for IGT is now concentrated in the global business-to-government (B2G) lottery sector, where long-term contracts and technological expertise are the primary barriers to entry. IGT maintains a dominant position in its core, high-value markets.

Opportunities & Challenges

You need to map the near-term landscape, and for IGT, that means balancing the stability of its core business against the significant capital outlays required to maintain it. Here's the quick math on what to watch for.

Industry Position

IGT's industry standing is defined by its role as a mission-critical technology provider, not just a game supplier. The company holds a near-monopoly position in Italy with approximately 90% of the lottery market, and its U.S. market share for lottery systems is also dominant.

• Dominant Market Footprint: IGT holds contracts in over 40 U.S. jurisdictions, including major states like New York and California.
• Cash Flow Resilience: The business is expected to have a net EBITDA leverage below 3.0x post-divestiture, signaling a much cleaner and more resilient balance sheet.
• Focus on Innovation: Strategic initiatives include leveraging AI and analytics to enhance customer experience (CX) and drive player engagement, a crucial factor for long-term contract retention.

The biggest challenge is managing the short-term cash drain from contract renewals-you're spending big now to secure decades of future recurring revenue. For a deeper dive into the numbers underpinning this stability, you should review Breaking Down International Game Technology PLC (IGT) Financial Health: Key Insights for Investors.