Light & Wonder, Inc. — Proxy Solicitation & Information Statement 2025

May 1, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant x

Filed by a Party other than the Registrant ¨

Check the appropriate box:

• ¨ Preliminary Proxy Statement

• ¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

• ¨ Definitive Proxy Statement

x Definitive Additional Materials

• ¨ Soliciting Material under §240.14a-12

LIGHT & WONDER, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box):

x No fee required.

• ¨ Fee paid previously with preliminary materials.

¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11

Your Vote Counts! Please check the meetingmaterials for any special requirements formeeting attendance. Smartphone users Pointyour camera here and vote without entering acontrol number For complete information andto vote, visit www.ProxyVote.com Control #V74358-P30791 LIGHT & WONDER, INC.6601 BERMUDA ROAD LAS VEGAS, NV89119 LIGHT & WONDER, INC. 2025 AnnualMeeting Vote by June 9, 2025 11:59 PM ETYou invested in LIGHT & WONDER, INC. andit’s time to vote! You have the right to vote onproposals being presented at the AnnualMeeting. This is an important notice regardingthe availability of proxy materials for thestockholder meeting to be held on June 10,2025. Get informed before you vote View theNotice and Proxy Statement and AnnualReport online OR you can receive a free paperor email copy of the material(s) by requestingprior to May 27, 2025. If you would like torequest a copy of the material(s) for this and/orfuture stockholder meetings, you may (1) visitwww.ProxyVote.com, (2) call 1-800-579-1639or (3) send an email tosendmaterial@proxyvote.com. If sending anemail, please include your control number(indicated below) in the subject line. Unlessrequested, you will not otherwise receive apaper or email copy. Vote Virtually at theMeeting June 10, 2025 3:00 p.m. PDTVirtually at:www.virtualshareholdermeeting.com/LNW2025

==> picture [518 x 670] intentionally omitted <==

Vote at www.ProxyVote.comPrefer to receive an emailinstead? While voting onwww.ProxyVote.com, be sure toclick “Delivery Settings”. VotingItems Board RecommendsV74359-P30791 THIS IS NOT AVOTABLE BALLOT This is anoverview of the proposals beingpresented at the upcomingstockholder meeting. Pleasefollow the instructions on thereverse side to vote theseimportant matters. 1. To electnine members of the Board ofDirectors to serve for theensuing year and until theirrespective successors are dulyelected and qualified. ForNominees: 01) Jamie R. Odell02) Matthew R. Wilson 03)Antonia Korsanos 04) MichaelMarchetti 05) Hamish R.McLennan 06) Stephen Morro07) Virginia E. Shanks 08)Timothy Throsby 09) KneelandC. Youngblood 2. To approve,on an advisory basis, thecompensation of the Company’snamed executive officers. For 3.To approve an amendment andrestatement of the Company’s2003 Incentive CompensationPlan to increase the number ofshares of stock authorized forissuance thereunder. For 4. Toratify the appointment of Deloitte& Touche LLP as the Company’sindependent registered publicaccounting firm for the fiscalyear ending December 31,2025. For NOTE: To considerand act upon any other matterthat may properly come beforethe meeting or any adjournmentthereof.

==> picture [518 x 670] intentionally omitted <==