Jefferies Believes Aristocrat Will Keep Growing Across Various Markets

Jefferies Equity Research thinks Aristocrat Leisure will keep growing well in all its markets, as shown in a new report after the company spoke at the Australasian Gaming Expo. In a recent investor note, Kai Erman, an analyst, pointed out that Aristocrat Leisure is doing great in both the US and Australia, with several games boosting its success.

Aristocrat Boosts US Sales with Wide Game Selection and Smart Supply Chains

In the US, Aristocrat’s product range was seen as wide enough to keep its Phoenix Link series successful, while other games like Spooky Link, Mo Mo Mo Mummy, and Bao Zhao Zhu Fu were doing well. Erman predicted the company would grab about 30% of the outright sales market and 40% of the gaming operations area. The release of a Monopoly-themed game in early 2026 is likely to boost its lineup even more.

The company has reportedly steered clear of any big tariff issues by putting together machines in the US and using a supply route that moves products from Australia to Alberta, Canada, before they are brought into the US. This different path, which takes about two months, has helped keep deliveries on track.

Even though gaming demand across North America is not steady, Erman spotted an upward trend overall. He also highlighted how recent changes in tax rules could boost capital investment in the industry. People still worry about how less consumer spending and travel might hit the Las Vegas Strip, but Aristocrat’s wide-ranging presence is thought to offer some protection.

Aristocrat Grabs Half of Australia’s Market as Baron Cabinet Boosts Sales

In Australia, Aristocrat has won back about half its market share, thanks to how popular its Baron cabinet is and how well its multi-link game series has caught on. Orders for the Baron are still strong, and this is expected to keep up. The company is also ready for the switch to new national slot machine rules coming in February 2026, with a lineup of games that meet these standards ready to go.

Company leaders said they have sped up game creation in the last half of 2025 and aim to keep up this quick release schedule into next year. They also felt good about getting the iLottery deal for Michigan, expecting to kick it off in July 2026.

On the legal side, Aristocrat to its view that some Light & Wonder games were made using stolen ideas, going beyond the Dragon Train and Jewel of the Dragon games they had already pulled back. Company executives plan to keep pushing for more information in the ongoing court case, which might last until late 2025.