BRSL · CIK 0001619762
What Brightstar Lottery PLC (fka IGT) told the SEC could break it.
Brightstar's disclosures revolve around how concentrated and contract-bound its lottery business is. A single customer accounted for about 37% of continuing-operations revenue in 2025, up from 34% two years earlier, and roughly 92% of revenue comes from long-term lottery operating, facilities-management and management contracts — a small number of government concessions whose retention, extension and rebidding carry outsized renewal risk. That churn is not hypothetical: in August 2025 Allwyn UK, a historic top-ten customer outside Italy, completed its lottery-system transition to another supplier, costing roughly $54 million of prior-year revenue. It also flags new U.S. tariffs that could raise the cost of its lottery terminals and components.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- long-term contract portfolio — ~92% of revenue; renewal riskmedium
Roughly 92% of revenue comes from long-term lottery operating contracts, facilities management contracts, and lottery management agreements — concentrated renewal/rebid risk on a small number of government concessions.
“The Company's operations are dependent upon its continued ability to retain and extend its existing contracts and win new contracts with its customers.”
SEC filing →As of 2026 - Allwyn UK customer loss — Aug 2025 lottery system transitionlow
Demonstrated churn: Allwyn UK (a historic top-10 non-Italy customer, ~$54M of 2024 revenue) completed its UK lottery system transition to another supplier in August 2025.
“In August 2025, Allwyn UK, one of our historic top ten customers outside of Italy, completed its U.K. lottery system transition to another supplier, thereby resulting in the loss of a customer which accounted for approximately $37 million and $54 million in revenues in 2025 and 2024, respectively.”
SEC filing →As of 2026
Customer concentration
- one unnamed customer — 37% of continuing-operations revenuehigh
A single unnamed customer was ~37% of FY2025 revenue from continuing operations (35% in 2024, 34% in 2023) — rising concentration in a B2G lottery business where Italy alone is $1,018M of $2,511M revenue.
“Revenue from one customer represented approximately 37 %, 35 %, and 34 % of revenue from continuing operations in 2025, 2024, and 2023, respectively.”
SEC filing →As of 2026
Regulatory & policy
- new U.S. tariffs on imported goodslow
New and proposed U.S. tariffs on imports from countries where the company operates could raise costs for lottery terminals and components (product assembly is centralized in North America with global component sourcing).
“The U.S. has recently enacted and proposed significant new tariffs on goods imported from numerous countries, including countries in which the Company conducts business.”
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