Brightstar Lottery offers a rare mix of defensive monopoly-like cash flows, digital lottery upside, and deep valuation discount—but investors must tolerate elevated leverage and near-term execution noise.
Overview
Brightstar Lottery is now a pure-play global lottery technology and services provider after divesting IGT’s gaming and digital units and rebranding in 2025. The company operates a defensive, highly recurring model, with 94% of sales from long-term government concessions, TaaS contracts, and lottery management agreements. It serves nearly 90 lottery customers, including 26 of 46 U.S. lottery jurisdictions and eight of the world’s ten largest lotteries. Its geographic mix is concentrated but stable, led by Italy and North America, while OMNIA and iLottery platforms position the company for digital growth.