<?xml version="1.0"?>
<ownershipDocument>

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    <periodOfReport>2024-03-20</periodOfReport>

    <issuer>
        <issuerCik>0000750004</issuerCik>
        <issuerName>Light &amp; Wonder, Inc.</issuerName>
        <issuerTradingSymbol>LNW</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001991621</rptOwnerCik>
            <rptOwnerName>Kalabic Vanja</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O LIGHT &amp; WONDER, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>6601 BERMUDA ROAD</rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89119</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>SVP &amp; Chief Accounting Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

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        <derivativeTransaction>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1194</value>
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                <transactionPricePerShare>
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                <underlyingSecurityShares>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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            <securityTitle>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionPricePerShare>
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            <securityTitle>
                <value>Restricted Stock Units</value>
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            <conversionOrExercisePrice>
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            <transactionDate>
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                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
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                </transactionShares>
                <transactionPricePerShare>
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                </sharesOwnedFollowingTransaction>
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    <footnotes>
        <footnote id="F1">Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units.</footnote>
        <footnote id="F2">Represents the vesting of one-fourth of restricted stock units granted on April 3, 2020.  The award has fully vested.  Each restricted stock unit converted into a share of class A common stock on a one-for-one basis.</footnote>
        <footnote id="F3">Represents the vesting of one-third of restricted stock units granted on March 22, 2021.  The award has fully vested.  Each restricted stock unit converted into a share of class A common stock on a one-for-one basis.</footnote>
        <footnote id="F4">Represents the vesting of one-third of restricted stock units granted on March 25, 2022.  The balance of the award is scheduled to vest on March 20, 2025.  Each restricted stock unit converts into a share of class A common stock on a one-for-one basis.</footnote>
        <footnote id="F5">Represents the vesting of one-third of restricted stock units granted on March 24, 2023.  The balance of the award is scheduled to vest in equal installments of 1,195 shares on March 20, 2025 and March 20, 2026.  Each restricted stock unit converts into a share of class A common stock on a one-for-one basis.</footnote>
        <footnote id="F6">The restricted stock units are scheduled to vest in equal installments on each of March 20, 2025, 2026 and 2027. Each unit converts into a share of common stock on a one-for-one basis.</footnote>
        <footnote id="F7">The restricted stock units are scheduled to cliff vest on March 20, 2027, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2026, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.</footnote>
        <footnote id="F8">The restricted stock units are scheduled to cliff vest on March 20, 2027, contingent upon the achievement of a performance goal. If the performance goal is not met by December 31, 2026, all restricted stock units are forfeited. Each unit converts into a share of common stock on a one-for-one basis.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James Sottile, attorney-in-fact for Vanja Kalabic</signatureName>
        <signatureDate>2024-03-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
