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Global games machine and iGaming provider Light & Wonder announced its partnership with Play Alberta. Through this integration, players in Alberta can now access L&W’s iGaming portfolio. That includes popular titles, such as 88 Fortunes, Huff N’ Even More Puff, Adorned Peacock, and Jewel of the Dragon, which are popular on Alberta online casinos for their high-quality and innovative gameplay.
As of February 2026, Play Alberta remains the only regulated gambling site in the western Canadian province.
Light & Wonder describes the partnership with the Play Alberta online platform as being “all about the games.” The company uses that phrase as its guiding philosophy.
With Alberta added, Light & Wonder has successfully completed its rollout across all regulated Canadian iGaming markets. The company says this expansion strengthens its North American footprint in the iGaming and lottery sectors.
After all, the provider already works with many Ontario-licensed operators as well as several other provincial platforms, including Loto-Quebec and the British Columbia Lottery Corporation (BCLC). This makes PlayAlberta’s partnership the final piece of its coast-to-coast Canadian presence.
Light & Wonder Reports Continued Strong North America Performance in Q4 2025 Revenue Report
North America continued to be the main driver of L&W’s financial performance in Q4 2025. Gaming revenue climbed 17% year-on-year to $602 million, underpinned by record North American gaming machine shipments of 7,000 units. That figure represents a 20% increase worth $39 million more than the same period in 2024.
The North American gaming operations’ premium installed base also grew for a 22nd consecutive quarter, adding over 700 units during Q4 alone. Zoom out to the full year, and the picture gets even clearer.
Light & Wonder closed out 2025 with total revenue of $3.3 billion, up 4% from the prior year. Operating cash flow also jumped 26% to $794 million for the company. This kind of cash flow growth outpaced revenue growth by a considerable margin. It suggests the business is becoming more efficient, not just bigger.
North America sits at the centre of all of it. The region is the company’s most reliable earnings engine. There’s little reason to expect that to change anytime soon. If anything, the momentum is pointing in the other direction.
Canadian iGaming markets are gradually opening, and new partnerships, like Play Alberta, are adding momentum. As a result, L&W’s North American footprint looks set to deepen, and so should the revenue that follows.
Matt Wilson, Light & Wonder President and CEO, reinforces the same message during a press release addressing the Q4 and full-year 2025 results. He made it clear that the strong finish wasn’t a fluke, but a product of deliberate moves made throughout the year.
Matt Wilson said during the press release,
“We closed out 2025 with another strong quarter, delivering double-digit year-over-year growth in both revenue and cash flows.”
He further added,
“We also achieved several important milestones, including the successful acquisition and integration of Grover, accelerating our expansion in the Charitable Gaming market, and our transition to a sole primary listing on the ASX. We also continued to invest in our studios, which is paying dividends as our franchises drive strong game performance across the portfolio. Looking ahead, we will remain focused on investing in product innovation and talent to strengthen our recurring revenue model, build on this momentum and enhance our global competitive position as we progress toward our 2028 financial targets.”
The One Dark Spot: ‘Dragon Train’ Dispute Costs Light & Wonder a $15 Million Q4 Net Loss
Despite Light & Wonder’s top-line performance, one dark spot from a legal perspective dampened the story. The Dragon Train dispute resulted in a $15 million net loss for Q4.
The conflict began in early 2024, when Aristocrat filed lawsuits in both the United States and Australia. The company alleged that Light & Wonder misused confidential math models and design logic from its Dragon Link series to develop Dragon Train in 2023.
As this dispute pushed through the years, it cast a shadow over the company’s financials and unsettled investors along the way.
In September 2024, a preliminary injunction halted further U.S. sales and leases of Dragon Train. In fact, a court found Aristocrat was extremely likely to succeed on its trade secret claims. By April 2025, Light & Wonder voluntarily pulled the game from the market entirely.
The dispute was finally put to bed in January 2026, when L&W agreed to pay US$128 million to settle all claims in both jurisdictions. As part of the agreement, the company withdrew the disputed games and destroyed the contested materials. With this, all legal claims were dismissed.
The settlement charge and the company’s ASX transition costs flipped what would have been a profitable quarter into a net loss of US$15 million. It’s a jarring contrast against otherwise record-breaking revenue and EBITDA figures. With the dispute resolved, L&W can now refocus on core operations.
L&W’s Play Alberta Deal Secures Its Spot in Alberta’s Upcoming Open Market
Timing, in business, is everything. L&W’s decision to collaborate with Play Alberta appears strategic rather than coincidental.
Embedding itself in the province’s only regulated platform gives the supplier a head start on brand familiarity and operational credibility before major competitors arrive.
Alberta’s upcoming open market is shaping up to be a significant prize. Analysts estimate it could generate more than $700 million annually. The province benefits from a relatively young adult population, high per-capita income, and the highest gambling spend per person in Canada.
When operators like DraftKings, FanDuel, and BetMGM eventually go live, they’ll likely prioritize established suppliers. And Light & Wonder will have exactly that position in the province.
With L&W’s launch across other regulated Canadian jurisdictions, it won’t be an outsider in Alberta’s open market, but rather an established presence. In a market this competitive, early positioning often makes the difference.
