• Light & Wonder average gross margin for 2023 was 70.04%, a 1.49% increase from 2022.
• Light & Wonder average gross margin for 2022 was 71.1%, a 3.67% decline from 2021.
• Light & Wonder average gross margin for 2021 was 73.81%, a 11.26% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.