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    <periodOfReport>2026-03-20</periodOfReport>

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

    <reportingOwner>
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            <rptOwnerName>Chow Oliver</rptOwnerName>
        </reportingOwnerId>
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            <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>
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            <officerTitle>EVP, CFO &amp; Treas</officerTitle>
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    <footnotes>
        <footnote id="F1">Shares are held via CHESS Depositary Interests (&quot;CDIs&quot;), which are units of beneficial ownership in shares of common stock of the Company that are publicly traded on the Australian Securities Exchange (the &quot;ASX&quot;) and held by CHESS Depositary Nominees Pty. Limited, a subsidiary of ASX Limited, the company that operates the ASX. Each CDI represents one fully paid share of common stock.</footnote>
        <footnote id="F2">Represents the satisfaction of tax withholding obligations upon the vesting of restricted stock units. Price converted from Australian Dollars into U.S. Dollars based on an exchange rate of $1 AUD to $0.7023 USD.</footnote>
        <footnote id="F3">Represents the vesting of one-third of restricted stock units granted on August 25, 2023. The award has fully vested. Each restricted stock unit converts into a share of 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 20, 2024. The balance of the award is scheduled to vest on March 20, 2027. Each restricted stock unit converts into a share of common stock on a one-for-one basis.</footnote>
        <footnote id="F5">Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.</footnote>
        <footnote id="F6">Represents the cliff vesting of restricted stock units granted on August 25, 2023, subject to the achievement of performance criteria over a three-year period. Based on the level of achievement, 100% of the RSUs vested and converted into shares of common stock on a one-for-one basis.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Sweta Gabhawala, attorney-in-fact for Oliver Chow</signatureName>
        <signatureDate>2026-03-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
