IGT Joins Hands with WWE In Multi-Year Deal
Summary
- IGT announces partnership with WWE
- New WWE themed lottery games in the pipeline
- IGT has not disclosed which markets will feature these games
International Game Technology (IGT) recently announced that has signed a licensing deal with World Wrestling Entertainment (WWE) to launch a new series of lottery games. Jay Gendron, IGT’s Chief Operations Officer said that the company is keen to collaborate with the WWE and create high-quality wrestling-themed lottery games that would appeal to its customers.
IGT disclosed that it had signed a multi-year licensing agreement with the WWE. The deal would cover the development and distribution of these new lottery styled WW games. The games would feature WWE personalities from its wrestling league and various events along with company logos.
Alex Varga, Vice President of Revenue Strategy and Development at WWE termed the deal as an exciting opportunity to bring its intellectual property via the games to its fans. Varga shared Gendron’s enthusiasm over this new collaboration in the gaming landscape.
While IGT revealed that it had signed a deal with the WWE, it did not disclose the financial terms of the agreement. The provider was also tight-lipped on the markets for the new WWE lottery games. In November 2021, the company had scored a similar deal with Authentic Brands Group (ABG).The agreement had given IGT the power to develop and distribute Marilyn Monroe-themed lottery games.
IGT is the largest provider of instant lottery and conducts its operations in various US states and other international locations. It provides assorted lottery products such as theme lottery tickets and scratchers based on holiday board game classics like Monopoly and video games. IGT’s range of instant lottery games comprises games such as Lucky Sweeps, Extended Bonus Play, Crossword Corners, and Crossword Connect along with event-based second-chance drawings.
Investors Should Appreciate IGT’s Lottery Biz
IGT had announced the creation of a devoted iGaming and sports betting unit back in September 2021 to tap into the online gaming industry. Analysts think that investors should be mindful of IGT’s fruitful lottery business.
Stifel analyst Jeffrey Stantial stated that IGT’s lottery business was overlooked by investors and is yet to receive its due credit. He observed that while IGT is positioned well enough to compete across growth opportunities in iGaming, iLottery, and sports betting, its discounted valuation has portrayed it as a low-growth entity.
Stantial also said that if lottery businesses such as IGT are managed efficiently, they are capable of generating an abundance of free cash flow and can bring in huge profits.
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