Industry Analysis: Slots sector proves robust amidst economic instability
In the ever-evolving world of gaming, the performance of slot machine manufacturers continues to be a subject of interest. In a recent analysis, Macquarie analyst Chad Beynon shed light on the current state of the market, focusing on leading suppliers Aristocrat and Light & Wonder.
Beynon's views were published in an August 6 investor note, where he expressed his belief that slot machines in the U.S. economy are resilient. He plans to monitor game performance and upcoming trade shows, such as the Global Gaming Expo Las Vegas, to gain further insights.
During the survey period, Aristocrat saw a low rate of net installs, with +374 net installs (extrapolated basis). However, the company held a consistent 29 percent market share of shipped units for slot machines, as it did in the previous year. Interestingly, installations by Aristocrat accounted for half of total net market growth, according to Beynon.
On the other hand, Light & Wonder's market share was 22 percent, a four percent decrease from the same point in 2024. Premium games from Light & Wonder remained stable during the survey period. Four of their games were listed as the most anticipated premium leased machines: Huff N' More Puff We've had Enough, Lion Link, Rampage, and Dancing Drums Link.
Survey participants removed 48 net leased games, all of which were non-premium. This suggests a preference for high-quality, engaging content among casino operators.
New slot machine purchases were flat year over year, not 10 percent down as forecast. Casinos expected to replace 6.2 percent of their owned slot base over the next year, compared to 5.6 percent in the previous quarter. Actual replacement activity continues to outperform expected replacement rates.
These findings underscore a healthy environment for slot machine suppliers, despite economic uncertainty and a potential period of demand pull-forward. Beynon suggests that purchasing has been resilient.
However, as of Q2 2025, detailed market share figures for slot machine suppliers specifically in the U.S., including Aristocrat and Light & Wonder, are not explicitly provided in the current search results. Consulting proprietary industry reports from market research firms focused on gambling equipment (such as The Innovation Group, Eilers & Krejcik Gaming, or direct company earnings releases for Q2 2025) would be necessary to obtain exact market share data and specific performance for this period.
The U.S. commercial gaming sector has expanded steadily, with major states contributing to slot machine revenue growth, such as Illinois (+22.7%) and Virginia (+36.1%). The total U.S. slot and table game revenue (excluding some states) reached over $21 billion in the first five months of 2025, signaling sustained demand for slot machine content from top suppliers.
The illegal and unregulated gaming market remains significant but shrinking, suggesting more revenue is moving through regulated suppliers like Aristocrat and Light & Wonder.
In conclusion, while the U.S. slot machine revenue is growing steadily in 2025, with strong performance in key states, detailed market share percentages or revenue breakdowns by individual slot machine suppliers, including Aristocrat and Light & Wonder, for Q2 2025 in the U.S. are not publicly disclosed or specified in these summarized reports. If you require insights based on older historical data or general company information outside this timeframe, please advise.
- In the analysis, Chad Beynon highlighted that Aristocrat owned half of the total net market growth, demonstrating the significant performance of their slot games.
- During the survey period, four premium games from Light & Wonder were listed as the most anticipated premium leased machines, indicating the popularity of casino-and-gambling games like slots in the market.
