UPDATE 1-Scientific Games Q2 profit beats Wall Street

(Recasts; adds details)

July 31 (Reuters) - Lottery operator Scientific Games Corp (SGMS.O) posted a better-than-expected quarterly profit, driven by higher service revenue at its printed products group and lottery systems group segments.

The company posted net income of $29.0 million, or 31 cents per share, for the second quarter ended June 30, compared with $27.1 million, or 28 cents per share, a year earlier.

Excluding certain items, but including stock compensation expense, the company earned 35 cents per share.

Analysts on average had expected a profit of 33 cents per share, including stock-based compensation but before exceptional items, for the quarter, according to Reuters Estimates.

Revenue at the company, whose products include instant-win lottery tickets and point-of-sale terminals, rose 14 percent to $306 million. Analysts were looking for $296.1 million.

New York-based Scientific Games said printed products group service revenue rose by 16 percent to $146.8 million, while lottery systems group service revenue grew by 16 percent to $61.3 million for the quarter.

Shares of the company closed at $30.34 Thursday on Nasdaq. They have nearly doubled since touching their 52-week low of $15.87 in January. (Reporting by Dilipp S. Nag in Bangalore; Editing by Pratish Narayanan)