Ainsworth Game Technology Limited (ASX: AGI) is a leading Australian designer, manufacturer and distributor of gaming machines and gaming software. Headquartered in Sydney, the company was founded in 1995 by Len Ainsworth, the legendary entrepreneur who previously established Aristocrat Leisure, another giant of the global gaming industry. Over nearly three decades, Ainsworth has built a strong brand recognised for innovation, reliability, and performance in electronic gaming machines and related technology. The company services both land-based casinos and, increasingly, the growing online gaming market across Australia, the Americas, Europe, and Asia.
In a major development announced on 28 April 2025, Ainsworth revealed that Novomatic AG — its largest shareholder holding a 52.9% stake — has submitted an offer to acquire the remaining 47.1% of shares it does not currently own. The offer price of $1.00 per share represents a 35% premium over Ainsworth’s last traded share price prior to the announcement. This values the entire company at approximately $336.8 million. The board of Ainsworth Game Technology, following an independent expert review, has recommended that minority shareholders accept the offer, describing it as fair and reasonable given prevailing market conditions and the business outlook.
Financially, Ainsworth delivered a relatively stable performance for the full year ending 31 December 2024, particularly considering a challenging operating environment for the gaming sector. The company recorded a profit before tax of $48.2 million, a solid result although slightly down on the prior year. Revenue from operating activities totalled $264.1 million, representing a decrease of around 7% compared to FY2023. Factors contributing to the softer revenue included competitive market conditions in North America and the ongoing transition of product portfolios to newer generation gaming cabinets and software platforms. Despite these challenges, Ainsworth maintained a healthy balance sheet with strong liquidity and modest levels of debt, providing flexibility for future growth initiatives.
Product innovation remains a cornerstone of Ainsworth’s strategy. In 2024, the company successfully launched its new A-STAR Raptor hardware platform, an advanced gaming cabinet designed to deliver enhanced player experiences with superior ergonomics, high-end graphics, and cutting-edge technology. New game titles developed for the A-STAR Raptor, including several linked progressive jackpots, have performed well in trial locations and early market rollouts. Particularly notable has been the success of the Xtension Link product range in Latin American markets, where it has been well received by operators seeking exciting jackpot-driven content.
In addition to hardware development, Ainsworth has been expanding its digital presence through Ainsworth Interactive. Following the expiration of a US exclusivity partnership agreement in late 2024, the company has begun actively marketing its library of online gaming content to new operators across North America and Europe. The growth of Ainsworth’s online portfolio is a key strategic priority, offering an opportunity to diversify revenue streams and tap into the rapidly expanding regulated iGaming market. Management has flagged that ongoing investments will be directed towards enhancing digital distribution capabilities and forging new partnerships with online casino operators.
The proposed full acquisition by Novomatic could mark a turning point for Ainsworth. Novomatic, based in Austria, is one of the world’s largest gaming technology companies, with a presence in over 50 countries. Its increased ownership could provide Ainsworth with deeper resources, expanded market access, and the ability to better leverage global R&D capabilities. Novomatic has indicated that, should the takeover proceed, it intends to support Ainsworth’s continued investment in new product development, while also exploring synergies across distribution, manufacturing, and digital gaming channels.
Shareholders will have the opportunity to vote on the transaction at a scheme meeting expected to be convened in the second half of 2025. In recommending the deal, Ainsworth’s board highlighted several factors supporting the offer, including the attractive premium, the certainty of value in a volatile market, and the benefits of alignment under a single global owner. Should the deal proceed, Ainsworth would be delisted from the ASX and operate as a wholly owned subsidiary within Novomatic’s global group.
While the acquisition offer has dominated headlines, it is important to note that Ainsworth continues to execute on its operational strategy. Management remains focused on delivering a pipeline of innovative gaming products, expanding into new international markets, and increasing penetration in digital gaming channels. Operational efficiencies and prudent cost control measures are also being prioritised to protect margins in a competitive environment.
Chifley Tower, 2 Chifley Square,
Sydney NSW 2000
1300 854 151
© 2023 KOSEC | Kodari Securities Pty Ltd | ABN 90 147 963 755 | FSG | Terms & Conditions | Disclaimer & Legal
© 2023 KOSEC | Kodari Securities Pty Ltd
ABN 90 147 963 755
KOSEC - Kodari Securities does not provide any investment advice, nor is anything mentioned an offer to sell, or a solicitation of an offer to buy any security or other instrument. Anything discussed is for informational purposes only and does not address the circumstances or needs of any particular individual or entity. Investing in the stock market is high risk. Under no circumstances should investments be based solely on the information provided. We do not guarantee the security or completeness of information on this website and are not held liable. Kodari Securities PTY Ltd trading as KOSEC is a corporate authorized representative (AFSL no.246638) which is regulated by the Australian securities and investment commission (ASIC).
