IGT Extends ‘Wheel of Fortune’ Licensing for 10 Years

Posted on: June 6, 2023, 02:28h. 

Last updated on: June 6, 2023, 02:41h.

Todd Shriber @etfgodfather Read More

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

International Game Technology (NYSE: IGT) announced Monday that it inked a 10-year agreement with Sony Pictures Television that secures licensing of the famed “Wheel of Fortune” brand across a variety of wagering platforms.

Financial terms of the deal weren’t disclosed. The new contract kicks in on Jan. 1, 2025, and runs through Dec. 31, 2034. The new accord allows IGT to license “Wheel of Fortune” across the casino gaming, lottery, iGaming, and iLottery mediums and features nonexclusive rights that allow the gaming device manufacturer to license the brand on free-to-play social casinos.

“Wheel of Fortune” slot machines are beloved by bettors because some versions of the game include the potential for massive payouts. Over the past year, the game has delivered multiple six- and seven-figure awards to bettors in Las Vegas, and at regional and tribal casinos.

No Denying ‘Wheel of Fortune’ Success

Inspired by the Merv Griffin-created game show of the same, “Wheel of Fortune” slot machines are icons in the gaming device industry.

IGT’s Wheel of Fortune slots is the most successful slot theme of all time. For more than 25 years, casino guests have enjoyed the famous ‘WHEEL– OF – FORTUNE’ chant on nearly 300 versions of the famed slot game, which quickly gained notoriety for its life-changing jackpots,” according to an IGT statement. “Since 1996, IGT’s Wheel of Fortune slots have paid out more than $3.5 billion in jackpots and awarded $1 million-plus jackpots to more than 1,100 lucky players.”

The game show also serves as the inspiration for IGT’s PowerBucks games, which are available at land-based and internet casinos in Canada.

The “Wheel of Fortune” game show originally aired in January 1975 and remains on the air today, making it one of the longest-running contest shows in US history.

Why Wheel is Important for IGT

Locking up the “Wheel of Fortune” licensing rights for another decade is important for IGT on multiple fronts, including the fact that casino operators are allocating more dollars to upgrading slot offerings because those machines offer better margins than table games.

Additionally, many slots players are dedicated to particular manufacturers or games. “Wheel of Fortune” is among those with a passionate following, confirming it’s smart for IGT to keep those licensing privileges locked down for the long term.

Another point in IGT’s favor is that the “Wheel of Fortune” brand resonates with lottery players and bettors who enjoy internet casinos, which are two areas of growth for the company.