Light & Wonder, formerly Scientific Games, has partnered with the Monopoly IP holder Hasbro since the 1990s.

It penned its latest deal with Hasbro back in 2018, with the deal set to expire later this year. But Aristocrat appears to have stolen a march on its rival, announcing the launch of “all-new Monopoly-themed slot titles, beginning in early 2026.”

Light & Wonder appears to have been totally frozen out of the Hasbro-Monopoly picture. The developer Evolution announced June 1 that it has penned a multi-year agreement with the toy firm.

The deal makes Evolution Hasbro’s exclusive licensing partner for online live casino and slot games for Monopoly and its other IPs.

Evolution said the deal would take effect starting in January 2026. It said it would showcase a range of titles at the gaming industry event ICE Barcelona (January 19-21, 2026).

The firm teased the launch of the live online gaming titles Game Night, Monopoly Filthy Rich, and Monopoly Roulette. It also said a number of online slot titles would be forthcoming.

Evolution launched Monopoly Live, a live dealer, Monopoly-themed augmented reality (AR) game in mid-2019.

Aristocrat: Monopoly Deal to Launch in 2026

Aristocrat, meanwhile, said it was “excited to reintroduce one of the world’s most iconic brands to land-based slot games.”

Both Aristocrat and Evolution won competitive Hasbro RFP (Request for Proposal) bidding processes.

Craig Toner, the CEO of Aristocrat Gaming, said: “To be selected as Hasbro’s land-based slots partner, after a highly competitive process, is a proud milestone for Aristocrat Gaming.”

Claire Hunter Gregson, the Director of Gaming Relationships at Hasbro, meanwhile, said that Aristocrat was “the natural fit for the next evolution of the Monopoly brand in the gaming category.” She added: “We can’t wait for Monopoly fans to experience all-new premium gaming content on casino floors.”

Gregson also claimed that Evolution would “bring Hasbro brands to life in fresh, exciting ways for our adult fans.” She said the firms were “looking forward to our partnership.”

Light & Wonder and Aristocrat: Long-running Legal Battle

Light & Wonder and Aristocrat have been embroiled in a bitter legal struggle since last year. The latter claims that Light & Wonder infringed on the copyright of Aristocrat’s Dragon Link game to create its own Jewel of the Dragon slots title.

Aristocrat claims that the alleged copyright violation was carefully planned. Prior to the launch, Light & Wonder hired former Aristocrat executives and game designers.

In April this year, Light & Wonder said it would stop commercializing Jewel of the Dragon after Aristocrat launched a second amendment complaint.

But last month, Light & Wonder scored a legal coup over its rival. A branch of the Nevada District Court ruled that Aristocrat’s discovery request was too broad, a ruling that saw Light & Wonder shares rise by 10%.

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Meanwhile, Aristocrat’s shares dropped 2% yesterday and continued falling today, down by an additional 0.38%.

Background: Copyright Dispute Over Slot Game Designs

Light & Wonder, previously known as Scientific Games Corporation, creates and distributes gaming content, hardware, and systems. 

Australia-based Aristocrat Leisure Limited is also in a similar line of business, and in 2024, it filed a lawsuit against LNW, accusing it of copyright infringement.

Specifically, it accused some elements in the design of Light & Wonder’s Dragon Train game of being copied from its intellectual property. The Federal Court of Australia granted the company pre-suit discovery against LNW.

Aristocrat also filed a five-count complaint in the U.S. District Court of Nevada. In September 2024, Judge Gloria M. Navarro granted its motion for a preliminary injunction on its trade secret claims against Light & Wonder. 

The court enjoined LNW from “any continued or planned sale, leasing, or other commercialization of Dragon Train.” Expectedly, Light & Wonder appealed that preliminary injunction.

In February 2025, the Federal Court of Australia rejected Aristocrat’s request for an interlocutory injunction against Light & Wonder, allowing the latter to continue selling Dragon Train games in the country.

Light & Wonder Voluntarily Withdrew “Jewel of the Dragon”

In April 2025, Light & Wonder announced that it would voluntarily cease commercializing “Jewel of the Dragon” slot machines following a second amendment complaint by Aristocrat.

The company identified that some Aristocrat PAR sheets (which are like blueprints for a slot machine) dated 2015 were made available to specific team members working on the development of Jewel of the Dragon.

“Our internal review processes identified that an early version of this game’s math model potentially presented issues relating to Aristocrat,” said Light & Wonder in its release. 

It extended its review to all games released before mid-2021, adding that it has no reason to believe there is a similar issue with other games.

The company concluded its review last month and stated that it did not identify any other instances of misappropriation. 

Aristocrat wasn’t impressed with the results and said Light & Wonder did not provide the complete lists of projects that Emma Charles, whose work was the core of its lawsuit, worked on.

In March 2025, concerns about additional lawsuits related to other games led to a 20% decline in LNW’s share price over just five days. Still, analysts at Macquarie called the market reaction “overdone,” estimating limited financial exposure and reaffirming confidence in LNW’s target of $1.4 billion in 2025 EBITDA.

Court Victory: Narrowed Scope of Discovery

Light & Wonder received a major legal victory yesterday after the Nevada district court hearing the case found Aristocrat’s discovery request too broad. 

It ruled that Light & Wonder wasn’t obligated to disclose the math models for all the games that Aristocrat was seeking. It asked Aristocrat to be specific about the trade secrets it wanted to protect under the litigation.

Markets viewed the legal victory as a reprieve for LNW, sending the stock up over 10% yesterday. 

Thanks to yesterday’s rally, the stock is now up 9.4% for the year as of yesterday’s close and is outperforming the S&P 500 Index, despite its returns being under half those of the Roundhill Sports Betting & iGaming ETF.

Analyst Reactions: “Incremental Positive,” But Limited Financial Impact

While LNW rallied sharply yesterday, analysts don’t see the court’s decree moving the needle financially for either of the companies. 

While Jefferies Equity Research analyst David Katz said the court decree “is an incremental positive” for LNW, he added, “We view the case generally as background noise in the near term, financially limited.”

Katz believes that Light & Wonder might need to pay a significant sum to Aristocrat, but stressed that it might be meaty enough to change his views of either company.

According to Katz, “The competition between the two companies is intense, given their positioning as the only two large-scale game developers globally and the number of people at Light & Wonder that were formerly at Aristocrat.”

Despite considering the case to have limited financial implications, the analyst maintains a Buy rating for LNW, setting a price target of $116 per share, over 20% higher than the current price. This decision is expected to positively influence investor confidence in Light & Wonder.

Macquarie, which has an Outperform rating on LNW, recently raised its target from $120 to $122, citing strong fundamentals and manageable legal risks.

 The firm’s target price is considerably higher than LNW’s mean target price of $107, which is approximately 13% higher than the current prices.

Outlook: What’s Next for LNW and Aristocrat?

The legal case is far from over. Although none of the companies have publicly commented on the court decree so far, many believe that Aristocrat will appeal the decision.

Still, the court’s ruling gave investors renewed confidence in LWN’s position, particularly since it had no impact on its financial guidance. 

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Operating revenue in the period was AU$3.624bn, up from $2.454bn a year prior. A rise of 47.7 per cent, adjusted to 46.1 per cent for constant currency reporting.

Earnings (net profit after tax amortisation) in the year were $729.6m, a 34.3 per cent jump from the previous period, adjusted to 33.2 per cent for constant currency reporting.

Profit after tax was $542.6m, a near 10 per cent year-on-year rise, dampened slightly to 8.5 per cent to allow for currency fluctuations.

The dividend to be paid stands at 46 cents per share, a 35.3 per cent increase on the 34-cent dividend paid on last year’s performance.

The company attributes the growth to gains in its Americas division and in Aristocrat’s home market of Australia, along with what it called “transformational growth in digital.”

Aristocrat said that sustained organic growth in its digital enterprises was supported by
the performance of recent acquisitions Plarium Global and Big Fish Games. A full breakdown of the KPIs is below.

In a joint statement, chairman Ian Blackburne and Trevor Croker, Aristocrat’s CEO and managing director, said: “A robust balance sheet ensures Aristocrat can continue to
promote shareholders’ longer-term interests by investing for both organic and inorganic growth, wherever compelling, accretive opportunities are identified.

“Aristocrat’s operational momentum, strong cash flows and capacity to continue to reduce gearing levels has allowed the board to deliver another significant increase in earnings per
share, consistent with our commitment to grow dividends over time.

“In summary, fiscal year 2018 has been another highly successful and rewarding year for Aristocrat and its shareholders.”

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The games – Birds of Pay, Buffalo Gold Collection, Wild Lepre’Coins and Wild Panda Gold – are the first in the state provided by Aristocrat Technologies, a subsidiary of Aristocrat Leisure, on the TLS platform.

The deal is thanks to the Tulalip Tribe of Washington sponsoring Aristocrat’s entrance into the TLS market, enabling the company to sell its cabinets and games in the Evergreen State.

“We are excited for the Tulalip/Aristocrat partnership and what it means to the Washington market,” said Don Hegnes, Tulalip Resort Casino slots director.

“Aristocrat has established solid product performance and will bring a superior library of content for our guests’ enjoyment.”

“Tulalip Resort Casino and Quil Ceda Creek Casino are excited to be the first properties to introduce Aristocrat cabinets and games into the Washington market,” added Belinda Hegnes, Quil Ceda Creek Casino slots director.

“Since the first install, our guests continue to embrace the product,” she said .

Siobhan Lane, SVP for marketing and gaming operations at Aristocrat, added: “We are very excited to bring these new games to Tulalip, Quil Ceda, and Washington state.

“We have worked diligently to create new games based on player-favourite titles that fully comply with TLS regulations, and we are grateful to the Tulalip Tribe of Washington for their sponsorship and encouragement throughout this process.”

The games are the first in a series of titles Aristocrat intends to roll out in the state. “Our product road map is strong and includes many titles from our core product portfolio that players enjoy,” continued Lane.

“We are committed to the Washington market and are excited to support our customers with a wide range of player-favorite titles.”

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Aristocrat said in a statement: “This case goes well beyond simple copyright infringement and concerns allegations of extensive and deliberate misappropriation of trade secrets, confidential information and intellectual property.

“Upholding appropriate standards is part and parcel of ensuring ongoing trust in our business and industry, and is an important part of Aristocrat’s high compliance culture.”

In response, Ainsworth said it intended to “vigorously defend” the claims.

Aristocrat claims that an employee of Ainsworth joined Aristocrat as a game designer for less than a month before returning to Ainsworth in April, 2017, where he was employed as a senior game designer.

Aristocrat alleges that the individual accessed the Lightning Link game mathematics through an Excel spreadsheet, which he downloaded onto a USB, and took back to Ainsworth.

Aristocrat added: “[The company] will always aggressively defend our assets, including our IP. Upholding appropriate standards is part and parcel of ensuring ongoing trust in our business and industry and is an important part of Aristocrat’s high compliance culture. We won’t be commenting further while the case is on foot.”

The initial hearing in the lawsuit will take place on July 17.

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Effective immediately, the igaming content supplier noted within a statement on its website that Fernandez has stepped down from the CEO role to take up a position with a competitor that was not named.

As a result, Aristocrat Gaming’s former Chief Financial Officer and Executive Vice President of Operations, Craig Toner, has been appointed as the business unit’s new CEO, subject to regulated pre-approvals.

Toner has been with Aristocrat for over seven years, previously serving in positions in Australia and the US. He worked in numerous business finance and operations leadership roles in Sydney before moving to Las Vegas three years ago to become Aristocrat Gaming’s CFO and EVP of Operations.

He also has almost 20 years of senior commercial, strategy and operational experience at Lion Ltd, an alcohol and beverage business in Australia and New Zealand.

“Craig has been a key part of the global Aristocrat Gaming leadership team that has delivered strong growth and transformational change over recent years,” commented Trevor Croker, CEO and Managing Director at Aristocrat.

“He has also worked closely with our Board and Executive Steering Committee on a number of major strategic and operational priorities. Craig is people oriented, highly collaborative and impactful. We are delighted to be able to elevate a proven and capable leader of Craig’s calibre to this role, demonstrating again the depth of talent we have built at Aristocrat.

“Craig will ensure a seamless leadership transition, maintaining a relentless customer focus, and continuing to execute our plans. Aristocrat Gaming today is a global team with extraordinary resilience, depth and momentum, and I have every confidence that Craig will continue to build on this going forward, with the support of the many talented leaders across our global business.”

Now leaving Aristocrat, Fernandez joined the company in 2018 as its CFO of the Americas gaming business unit, before being appointed as Aristocrat Gaming CEO four years later.

Aristocrat also said in its statement that Fernandez’s “relevant contractual obligations include a 12 month non-compete obligation”.

Croker added: “We thank Hector sincerely for his commitment and recognise his contribution to our business over the last six years.”

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Former Light & Wonder Head of Casino Studio for North America Antonio Amormino said that VP of Operations Dror Damchinsky had urged the former employee to “generate different numbers for the company’s capital asset reports”.

Key to the claims is the alleged “attempt to present a false picture of the company’s financial condition”. 

Amormino pursued complaints internally over the allegations. However, he claimed that these complaints were ignored before his employment with the company was terminated. 

The former Light & Wonder employee has now escalated his complaint – claiming he was fired because of his Occupational Safety and Health Act (OSHA) complaint and that Light & Wonder is in violation of the state Whistleblower’s Act in Michigan.

Light & Wonder has moved to dismiss the case, stating that Amormino failed to plead a claim upon which relief can be granted. The motion also detailed that the complaint to OSHA was not covered under the state whistleblower legislation because OSHA does not meet the legislation’s definition of a public body.

It compounds a period of legal disputes for Light & Wonder, with the firm also being the subject of allegations from Aristocrat that it has failed to comply with certain elements of its case. 

The filing alleged: “Light & Wonder has made little effort to comply with the Order’s requirements to search for documents reflecting Aristocrat’s trade secrets, and to identify every instance in which Light & Wonder has disclosed those trade secrets, outside the context of Dragon Train. To make matters worse, Light & Wonder did not make a reasonable effort to identify which documents and disclosures actually reflect Aristocrat’s trade secrets.” 

Light & Wonder has outlined that key steps have been taken off the back of the case. These include dismissing Emma Charles from the company, who brought over trade secrets from her previous role at Aristocrat. 

Aristocrat argues that it is common practice for game developers to export part or all of the math around a successful title to other titles, therefore it is well within bounds for the group to seek work product beyond just Dragon Train.

Light & Wonder has requested that the court provide an extension in order to comply fully with the preliminary injunction but for different reasons than what Aristocrat is alleging. 

In a recent financial update, the firm revealed that of its approximately 2,200 units of Dragon Train-themed games, 95% have been removed or converted with another game from its portfolio of game franchises. It anticipates that Dragon Train 2 will be released in the near future.

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Revealed during the ECA Casino Industry Forum in Nova Gorica, Slovenia, the ECA has stated that the goal of the partnership is to “enhance industry cooperation and facilitate dialogue with policymakers and stakeholders on matters of mutual interest”.

The companies that are part of the inaugural Strategic Supplier Partnership include Aristocrat, IGT, Light & Wonder and Novomatic.

“We are pleased to welcome Aristocrat Gaming, IGT, Light & Wonder and Novomatic as the founding members of the ECA’s Strategic Supplier Partnership,” commented Erwin van Lambaart, Chair of the ECA.

“This collaboration allows us to share diverse perspectives and work towards solutions that benefit the entire gaming community, while respecting the distinct roles of operators and suppliers.”

The ECA noted that the partnership will aim to “advance responsible practices within the licensed gaming sector while fostering a collaborative environment for industry stakeholders”, in addition to conversations with European authorities “to address crucial issues and promote fair regulatory frameworks”.

“Aristocrat Gaming is pleased to be a part of the newly formed ECA partnership,” stated Marcel Heutmekers, VP of Sales and Operations EMEA for Aristocrat Gaming. 

“Our aim is to work alongside the ECA and other suppliers to expand our collective influence in the region when it comes to regulatory reform and the evolution of gaming in EMEA.”

David Flinn, IGT SVP EMEA, Canada and LatAm Gaming Sales, noted: “IGT is pleased to join the European Casino Association’s Strategic Partnership Alliance and collaborate with other global gaming suppliers to help drive growth opportunities for our customers and to shape a positive framework for the future of casino gaming across Europe.”

Contributing to the sustainable growth and integrity of Europe’s casino industry, the partnership will explore several areas including equipment standardisation, enhanced security measures, and strategies to combat illegal gambling. 

It will also be a platform for networking and knowledge sharing, connecting suppliers with operators, as well as promoting responsible gaming practices and compliance. 

“Light and Wonder are honoured to be collaborating with the ECA on this strategic partnership,” said Jon Lancaster, VP of Sales, EMEA at Light & Wonder.

“We have long considered that casino operators, trade bodies and suppliers need to work closely together on issues that impact the future of our industry and this partnership represents a great opportunity to actively address those challenges together.”

Stefan Krenn, Executive Board Member at NOVOMATIC AG, added: “As Europe´s largest gaming technology group, NOVOMATIC is pleased to join other major suppliers in laying the foundation for the ECA Strategic Supplier Partnership. 

“In this exclusive collaboration, we look forward to shaping the future of European gaming in a responsible and sustainable way, fostering collaboration across the industry and upholding the highest standards of compliance and player protection. 

“We are excited to partner with the European Casino Association and firmly believe that together we can promote the long-term success of the industry.”

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The case halts Light & Wonder from being able to commercialise the Dragon Train game. 

Tran admitted that before he departed from the company, Tran had copied ‘a substantial amount of sensitive and valuable property onto a USB’.

Tran did however state he had taken steps to delete the sensitive material during his notice period at the firm. 

Aristocrat CEO Trevor Croker said: “Aristocrat is an ideas and innovation company at heart. Our intellectual property is therefore vital to our ongoing success, and we are committed to protecting the great work of our dedicated creative and technical teams.

“We welcome this positive outcome, which follows the decisive action we took to ensure the preservation of Aristocrat’s valuable IP assets.”

Nonetheless, Light & Wonder President & CEO Matt Wilson last week provided an update after a tumultuous period at the company following a judge’s order to cease operations of its Dragon Train cabinet.

He emphasised that in the North American market the group has approximately 33,000 lease units installed in the market and Dragon Train represents a mid-single-digit percentage of that install base, or roughly 2,200 units. 

He added they are “working very diligently with our customers to convert those games out in compliance with the judge’s order.”

Looking ahead, he also revealed their plans for “Dragon Train 2.0”, given the court order only finding infringements in the maths behind the game.

Wilson stated: “Our intention is to build out Dragon Train 2.0 in compliance with the order and we’re working actively on this right now. It’s a very high priority for us and we’re working quickly to get that out. 

“When you think about what’s in question here in this order, it’s really a small portion of the overall game that is Dragon Train, it’s just certain aspects of the maths that are being challenged. 

“There are a lot of elements in this game that have made it successful. There’s the Dragon Train secondary Hold and Respin feature, the art, the sounds, the animation and the brand. These things are not affected by the order.”

Wilson also addressed the matter of Dragon Train’s designer leaving the company earlier this week, adding: “You might have already seen the news of the departure of Dragon Train’s designer from Light & Wonder. Though we don’t discuss specifics of personnel matters, I can confirm the designer was terminated earlier this week.”

To conclude L&W’s statement to its investors, Wilson suggested that the Dragon Train case is purely an “isolated incident” and stressed that the studio is “going to continue the momentum that you’ve seen at Light & Wonder over the last five years”.

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Towards the end of last month, a Nevada District Court ruled in favour of Aristocrat Gaming after the supplier claimed that Light & Wonder’s Dragon Train title copied maths and mechanics from its Dragon Link cabinet. 

The prosecutor referred to several employees that had worked on the Dragon Link game leaving to take senior roles at Light & Wonder, preceding the launch of Dragon Train. 

Addressing the court order and hoping to rejuvenate support from investors, Light & Wonder President & CEO Matt Wilson appeared on the studio’s YouTube channel to run through several talking points surrounding the “isolated incident”. 

“The first area I’d like to address is the North American market,” he said. “We have approximately 33,000 lease units installed in the market and Dragon Train represents a mid-single digit percentage of that install base, or roughly 2,200 units. We’re working very diligently with our customers to convert those games out in compliance with the judge’s order.

“I’m happy to say at this point we’ve not had a single removal request from our customers and we have a line-up of great games from a deep portfolio of franchises, such as Ultimate Fire Link, Invaders, Dancing Drums, Huff ‘n’ Puff, Wizard of Oz and many more that we’re working on from which we can backfill these requests. 

“We are working hard with our customers to install these new games as quickly as possible so that Dragon Train is taken out of the fleet, and that’s our immediate priority.”

Wilson then moved onto Australia, where he stated that Dragon Train had “obviously been very successful”. He confirmed that Dragon Train has also been removed from this market and that L&W has offered its clients several alternatives, including “Lion Link, Huff N’ Even More Puff”, and most recently – “the highlight from AGE – Shenlong Unleashed”. 

“These games are expected to fill our sales pipeline now,” he continued. “And we’re really looking to make sure that we capture as much of that opportunity in the fourth quarter and beyond as we start to scale these new versions of products.”

The L&W CEO then addressed the studio’s plans for the Dragon Train franchise, outlining an aim to produce a “Dragon Train 2.0” due to the court order only finding infringements in the maths behind the game.

Wilson stated: “Our intention is to build out Dragon Train 2.0 in compliance with the order and we’re working actively on this right now. It’s a very high priority for us and we’re working quickly to get that out. 

“When you think about what’s in question here in this order, it’s really a small portion of the overall game that is Dragon Train, it’s just certain aspects of the maths that are being challenged. 

“There are a lot of elements in this game that have made it successful. There’s the Dragon Train secondary Hold and Respin feature, the art, the sounds, the animation and the brand. These things are not affected by the order.”

Wilson also addressed the matter of Dragon Train’s designer leaving the company earlier this week, adding: “You might have already seen the news of the departure of Dragon Train’s designer from Light & Wonder. Though we don’t discuss specifics of personnel matters, I can confirm the designer was terminated earlier this week.”

To conclude L&W’s statement to its investors, Wilson suggested that the Dragon Train case is purely an “isolated incident” and stressed that the studio is “going to continue the momentum that you’ve seen at Light & Wonder over the last five years”.

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