olivLaw · US equity research
Brightstar Lottery PLC BRSL
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
Brightstar Lottery PLC is a global lottery operator with activities in land-based lottery, iLottery and instant ticket printing. After the sale of IGT Gaming in July 2025 it became a pure-play lottery company, and total revenue was 2511 million USD in fiscal 2025. The company remains exposed to contract concentration and to its Italian licenses.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Brightstar Lottery PLC (BRSL) stock was 10.02 USD (−0.99% on the day), with market capitalisation 1.9 bn USD, P/E 13.5 on diluted EPS of 0.74 USD over the last 12 months, dividend yield 41.13%, beta 0.91, 52-week range 9.23–16.91 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.2
- neutral
- Bollinger (20, 2)
- 9.14 – 10.17
- in the upper half of the band · %B 0.86 · band width 10.6%
- SMA 50 / 200
- 10.17 / 11.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | −1.1% | −0.8 pp | — |
| 3 months | −9.5% | −0.5% | −9.0 pp | — |
| 6 months | −21.0% | +4.4% | −25.4 pp | — |
| Year to date | −35.3% | +12.3% | −47.6 pp | — |
| 1 year | −40.0% | +13.5% | −53.5 pp | −33.4% |
| 3 years | −64.6% | +76.4% | −141.0 pp | −22.6% |
| 5 years | −68.5% | +63.7% | −132.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 10.3, median 18.9, max 35.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.0 bn | 4.0 bn | 3.1 bn | 4.1 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.5 bn |
| Revenue YoY | −19.4% | +1.3% | −22.7% | +31.3% | — | −2.6% | −0.7% | −0.0% |
| Net income | -21.4 m | -19.0 m | -898.0 m | 482.0 m | 275.0 m | 156.0 m | 348.0 m | 147.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | −43.3% | +123.1% | −57.8% |
| Diluted EPS | -0.10 | -0.09 | -4.39 | 2.33 | 1.35 | 0.77 | 1.71 | 0.74 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | — | −43.0% | +122.1% | −56.7% |
| net % | -0.5% | -0.5% | -28.8% | 11.8% | 10.6% | 6.2% | 13.9% | 5.9% |
| Free cash flow | -442.7 m | 716.0 m | 611.0 m | 740.0 m | 737.0 m | 865.0 m | 901.0 m | -415.0 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 bn USD
- Financial debt
- 4.2 bn USD
- Net debt
- 2.7 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 9.2 bn USD
- Debt / equity
- 2.63x
- Current ratio
- 0.76x
- ROE
- 8.1%
- ROA
- 1.5%
- FCF margin
- -16.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 4.1 bn | 2.6 bn | 2.5 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 191.0 m | 238.0 m | 45.0 m | 36.0 m | 43.0 m | 47.0 m | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 707.0 m | 810.0 m | 400.0 m | 246.0 m | 235.0 m | 215.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -107.0 m | 902.0 m | 743.0 m | 752.0 m | 686.0 m | — | SEC (XBRL)· 25 Feb 2025verified |
| Depreciation & amortisation | 566.0 m | 526.0 m | 492.0 m | 215.0 m | 204.0 m | 221.0 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 459.0 m ≈ | 1.4 bn ≈ | 1.2 bn ≈ | 967.0 m ≈ | 890.0 m ≈ | — | SEC (XBRL)· 25 Feb 2025derived |
| Interest expense | 398.0 m | 341.0 m | 289.0 m | 207.0 m | 206.0 m | 172.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -848.0 m | 529.0 m | 772.0 m | 488.0 m | 521.0 m | 299.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 28.0 m | 274.0 m | 212.0 m | 223.0 m | 250.0 m | 165.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -898.0 m | 482.0 m | 275.0 m | 156.0 m | 348.0 m | 147.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -4.39 | 2.33 | 1.35 | 0.77 | 1.71 | 0.74 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 204.7 m | 207.0 m | 203.0 m | 203.0 m | 204.0 m | 197.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.81 | 0.80 | 0.80 | 4.12 | SEC (XBRL)· 24 Feb 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 907.0 m | 591.0 m | 590.0 m | 508.0 m | 584.0 m | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 846.0 m | 903.0 m | 670.0 m | 403.0 m | 468.0 m | 526.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 169.0 m | 183.0 m | 254.0 m | 110.0 m | 113.0 m | 116.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 3.4 bn | 2.5 bn | 2.1 bn | 2.1 bn | 6.2 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 132.0 m | 119.0 m | 118.0 m | 74.0 m | 85.0 m | 90.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 4.7 bn | 4.7 bn | 2.7 bn | 2.7 bn | 2.7 bn | 2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.4 bn | 1.4 bn | 87.0 m | 89.0 m | 125.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 13.0 bn | 11.3 bn | 10.4 bn | 10.5 bn | 10.3 bn | 9.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 1.1 bn | 1.0 bn | 731.0 m | 643.0 m | 718.0 m | 766.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | 52.0 m | 0 | 16.0 m | 0 | 118.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Long-term debt | 7.9 bn | 6.5 bn | 5.7 bn | 5.7 bn | 5.2 bn | 4.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 2.6 bn | 1.9 bn | 1.8 bn | 1.7 bn | 2.7 bn | 3.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 11.4 bn | 9.4 bn | 8.5 bn | 8.5 bn | 8.2 bn | 7.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 1.6 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.1 bn | 1.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Shares outstanding at year end | 204.9 m | 203.7 m | 199.1 m | 200.5 m | 201.9 m | 186.9 m | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 866.0 m | 978.0 m | 899.0 m | 1.0 bn | 1.1 bn | -99.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 255.0 m | 238.0 m | 162.0 m | 147.0 m | 149.0 m | 316.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 611.0 m ≈ | 740.0 m ≈ | 737.0 m ≈ | 865.0 m ≈ | 901.0 m ≈ | -415.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -269.0 m | 636.0 m | 168.0 m | -393.0 m | -357.0 m | 3.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -438.0 m | -1.9 bn | -1.1 bn | -610.0 m | -606.0 m | -2.7 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 41.0 m | 41.0 m | 161.0 m | 160.0 m | 161.0 m | 770.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 0 | 41.0 m | 115.0 m | 0 | 0 | 271.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns100
- Growth0
- Balance sheet40
- Valuation63
- Quality60
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.60 – 72.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA32.80 – 43.61 (Mid 39.28)4 companies used · median multiple 11.1x · quartiles 9.8x – 12.0xDIS, FBYD, MTN, PRKS
- Peers: P/E14.60 – 27.96 (Mid 23.75)7 companies used · median multiple 32.1x · quartiles 19.7x – 37.8xDIS, MSGE, MTN, PRKS, PRSU, RSI, SEAT
- Dividend discount (DDM)54.15 – 72.83 (Mid 62.12)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 88 (vs peers) | 11% |
| Net margin · Quality | 5.9% | 74 (vs peers) | 7% |
| FCF conversion · Quality | -282.3% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -1.1% | 0 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -18.2% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 3.0x | 57 (vs peers) | 11% |
| Interest coverage · Balance sheet | 4.0x | 38 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.5x | 88 (vs peers) | 11% |
| EV/EBITDA · Valuation | 5.1x | 90 (on a fixed band) | 11% |
| FCF yield · Valuation | -22.2% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 55.6% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation63/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BRIGHTSTAR LOTTERY PLC (BRSL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth -0.0%; net margin 5.9%; ROE 11.6%; net debt/EBITDA 3.0x.
The estimated value range is 32.80–43.61 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 39.28 USD, the price of 10.02 USD leaves a potential of 292.1% (value / price − 1) and a margin of safety of 74.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.5%
- Net margin: 5.9%
- P/E (TTM): 13.5x
- EV/EBITDA: 5.1x
- Shareholder yield (distributions): 55.6%
- The price is below the estimated value range
What contradicts it
- FCF conversion: -282.3%
- Revenue CAGR 3Y: -1.1%
- EPS CAGR 3Y: -18.2%
- Current ratio: 0.8x
- FCF yield: -22.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +14% / +28% |
| MTNVail Resorts, Inc. | 5.6 bn | 38.5 | 44.4% | 5.2% | −4.3% | +13% / −27% |
| RSIRush Street Interactive, Inc. | 2.4 bn | 39.4 | 23.0% | 2.6% | +22.8% | −35% / +183% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.5 | 11.6% | 5.9% | −0.0% | −40% / −65% |
| PRKSUnited Parks & Resorts Inc. | 1.7 bn | 14.9 | — | 8.1% | −3.6% | +5% / −23% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 32.1 | 7.7% | 9.6% | +23.4% | +57% / +62% |
| NIPGNIP Group Inc. | 413.9 m | — | -15.9% | -14.9% | +1.9% | −92% / unavailable |
| SEGSeaport Entertainment Group Inc. | 275.7 m | — | -22.6% | -91.4% | +18.3% | +0% / unavailable |
| GENIGenius Sports Limited | 59.2 m | — | -17.2% | -16.7% | +31.0% | −41% / +7% |
| SEATVivid Seats Inc. | 30.8 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −64% / −98% |
| GRSDGrandstand Limited | 29.3 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 11.4 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 68 | — | -100.8% | -36.0% | +120.8% | −67% / −35% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −29% / −38% |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −74% / −100% |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −46% / unavailable |
| MSGSMsg Knickerbockers Corp. | — | 1,015.6 | — | 0.7% | +11.0% | +43% / +92% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +19% / +159% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −33% / −68% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| MSGEMadison Square Garden Entertainment Corp. | — | 37.1 | — | 8.6% | +12.5% | +52% / +149% |
1- and 3-year price returns: for BRSL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.94 Total return -35% · Per year -35% | 10.53 Total return 13% · Per year 13% | 15.91 Total return 68% · Per year 68% |
| 3 years | 5.13 Total return -32% · Per year -12% | 10.30 Total return 26% · Per year 8% | 17.17 Total return 101% · Per year 26% |
| 5 years | 4.44 Total return -30% · Per year -7% | 10.07 Total return 38% · Per year 7% | 18.53 Total return 136% · Per year 19% |
- Exit P/E± 2.57
- Net margin± 1.80
- Annual revenue growth± 1.56
- Annual dilution± 0.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (27 Oct 2026), 6-K (22 Oct 2026), 6-K (20 Oct 2026), 6-K (16 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026).
In brief
Brightstar Lottery PLC is a global lottery operator with activities in land-based lottery, iLottery and instant ticket printing. After the sale of IGT Gaming in July 2025 it became a pure-play lottery company, and total revenue was 2511 million USD in fiscal 2025 1. The company remains exposed to contract concentration and to its Italian licenses 1.
SWOT
Strengths
- The company has a wide customer presence across several continents, long-term contracts and an extensive network of sales devices 1.
- Its position in Italy through the Lotto and Scratch and Win licenses gives it broad operating experience and stable revenue 1.
- The iLottery platform and digital products with responsible-play safeguards provide a base for expanding play channels 1.
Weaknesses
- Revenue is concentrated in a few large customers, and losing one contract can significantly affect results 1.
- LMA revenue is tied to jackpot activity and can fall when that activity is weak 1.
- The company carries large performance bonds and contractual penalty exposure, which can tie up financial resources 1.
Opportunities
- If demand moves to digital formats, the company could benefit through its iLottery platform and digital licenses 1.
- Privatization and outsourcing of lottery operations in some countries could open new contracts 1.
- Artificial intelligence and new games could support sales growth and player engagement 1.
Risks
- Customer concentrationhigh
A small number of large contracts generate a significant part of revenue, and losing them could seriously affect results 1.
- Italian licenseshigh
The licenses are not renewable automatically, can be terminated or challenged, and the conditions of any new license are set by law 1.
- Loss of contractshigh
U.S. contracts can be terminated at will with limited notice, and there is no guarantee that replacement revenue could be found quickly 1.
- Shift to digital channelsmedium
If players migrate to online games in jurisdictions where the company lacks the digital license, retail sales could decline 1.
- Performance penaltiesmedium
Failure to perform could trigger large liquidated damages and calls on bonds and letters of credit 1.
Investment thesis
What would need to be true (bull case)
- After selling IGT Gaming the company operates as a pure-play lottery business with a base of long-term contracts across several regions 1.
- Expanding iLottery and digital games could open new revenue sources in existing jurisdictions 1.
- Growth in instant and draw game sales, especially outside Italy, suggests demand in some markets remains solid 1.
What would break the thesis
What to watch
- Revenue trend from the Italian licenses and any decisions by the regulator2026
- iLottery results and the shift of players from retail to digital channelsQ1 2027
- Operating costs and the effect of the OPtiMa 3 restructuring program2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Feb 2026; since then the company filed 6-K (27 Oct 2026), 6-K (22 Oct 2026), 6-K (20 Oct 2026), 6-K (16 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026).
The business
Revenue is driven mainly by operating contracts and facilities management contracts, under which the company receives a percentage of ticket sales or wagers, as well as by its Italian licenses, where it is the exclusive licensee for the Lotto and the Scratch and Win game 1. Product sales, such as instant ticket printing and equipment, are a smaller part of revenue at approximately 6% in 2025 1.
The company invests in research and development, with expenses of 47 million USD in 2025, and also offers commercial payment and recharge services through its distribution network, mainly in Latin America and EMEA 1.
Segments
Operating and facilities management contracts
This category accounts for most revenue and includes operating, FMC and LMA contracts paid as a percentage of lottery sales 1. Service revenue was 2360 million USD in 2025, almost unchanged from the prior year 1.
Product sales
This includes instant ticket printing and deliveries of equipment and software and is more sensitive to delivery timing 1. Product sales were 151 million USD in 2025, a slight increase 1.
Commercial services
The company processes payment transactions, mobile recharges and bill payments over a separate network, mainly in Latin America and EMEA 1.
Market context
The lottery market is regulated and contracts are awarded through competitive tenders, typically for five to ten years 1. The company states that competition in land-based lottery has remained relatively static year to year, while pressure is rising as some jurisdictions privatize or outsource operations 1.
Instant ticket and draw game sales grew, but U.S. multi-state jackpot revenues are volatile and LMA revenues depend on them 1. Global same-store sales for instant and draw games rose 1.6% in 2025, and rest of world sales rose 8.0% 1.
Trends
- Shift to digital channelsmixed
A move toward digital channels could lift iLottery revenue, but it could reduce retail sales if the company does not hold the digital license in every jurisdiction 1.
- Competition from other entertainmentheadwind
Sports betting, iGaming, social gaming and prediction markets may draw discretionary spending away from lotteries 1.
- Artificial intelligencemixed
The company uses AI for game recommendation and responsible-play monitoring, but competitors could adopt the technology faster 1.
- Economic pressure on consumersheadwind
An economic slowdown, higher interest rates and inflation could reduce discretionary spending and lottery participation 1.
Competitive position
The lottery market has a small number of large providers, and the company says competition for long-term contracts has become tougher, sometimes against rivals with greater financial resources 1. Price competition is intense in instant ticket production 1.
The company explicitly names Allwyn UK, which moved its U.K. lottery system to another supplier in August 2025 and caused the loss of a major customer 1. The risk of losing contracts to competitors remains high 1.
- Allwyn
Lottery operator that took over the U.K. lottery system from the company in 2025, named in the source as a former major customer 1.
- Scientific Games
Partner in the Lotterie Nazionali joint venture that holds part of the Scratch and Win license 1.
- Sports betting and iGaming operators
Indirect competitors for players' discretionary spending, cited in the source as alternatives to lotteries 1.
- Sweepstakes and prediction market platforms
Entertainment alternatives that could reduce demand for lottery products, according to the source 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)02 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Brightstar Lottery PLC · 24 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.