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IGT makes and runs gambling technology and lottery systems for governments, regulators, and casino operators around the world.
IGT is a gambling technology company. It builds the slot machines you see on casino floors, the central computer systems that run state lotteries, and the software that connects them all. Its customers are not gamblers — they are the casinos, lottery commissions, and governments that want to offer gambling and need the machinery to do it.
The business splits into two big pieces. One is Global Lottery, which supplies the terminals, networks, and back-end systems that let a state run a lottery — the scratch tickets and draw games people buy at corner stores. The other is Global Gaming, which sells slot machines and casino management systems to casinos. The lottery side is the steadier, more recurring business, because once a government picks a lottery vendor, switching is painful and rare. The casino side is more cyclical and more competitive. IGT was created in 2015 when Italy's GTech bought the gaming division of Las Vegas-based IGT and took the famous name. That deal made it a global player but also loaded it with debt. The company has spent years paying that down, and in 2024 it agreed to sell its Global Gaming division — the slot machines and casino systems — to privately held Apollo Global Management for roughly $4 billion, refocusing on lotteries. That is a big bet: lotteries are regulated, slow-moving, and sticky, which is exactly what a company with debt likes. Competitors include Light & Wonder and Aristocrat Leisure on the gaming side, and Scientific Games in lottery.
The appeal of IGT is that lotteries are essentially a government-sanctioned business with high barriers to entry. Once you win a contract, you often keep it for years, and you collect a cut of every ticket sold. The risk is that governments can change the rules, tax gambling more, or hand contracts to rivals. The company also pays a dividend and has been shrinking its share count through buybacks, which is a sign management thinks the stock is cheap. But the debt load means the company is always balancing shareholder returns against the need to keep lenders happy.
Saved answer · last researched 15 Nov 2026