Aristocrat Leisure (ASX: ALL) has historically been a pokies manufacturer, but has broadened its product range. It now offers computerized card game simulations, electronic table games, and linked jackpot systems (such as the patented Hyperlink systems). The company has developed the Reel Power system, where players buy reels instead of lines, winning combinations in the standard configuration.

ALL is an ASX 20 company in dozens of jurisdictions, over 70% of its revenue recurring and a combined TAM of ~$350bn across its different segments. In FY25, the 12 months to September 30 2025, the company made $6.3bn in revenue and an underlying profit of $1.5bn, up 11% and 12% respectively. For FY26, it has guided to profit growth but has not given any specific figures. It has however given a guidance of US$1bn revenue from Aristocrat Interactive by FY29, boosted by the inclusion on NeoGames as well as expansion in its US iLotteries business.

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It has a diverse range of businesses in the gambling products and services sector (particularly pokie machine manufacturing). The Las Vegas-headquartered company was listed on the NASDAQ, but chose to list down under in 2023 due to interest from local fund managers.

Since listing it has continued to grow organically and via M&A. Last year, it bought Grover which provides charitable gaming entities with access to equipment enabling them to maximise their funding. In CY25, LNW delivered a 4% increase in total revenue to US$3.3bn. Whilst its adjusted profit rose 18%, its statutory net income fell 18%, driven down by restructuring costs mostly.

Jumbo Interactive (ASX: JIN) is a lotteries retailer and a provider of a SaaS platform that helps government and charity lottery operators do business. It stared out in 1995 as a builder and seller of website design services. One of its clients was an online lotteries provider and Jumbo, seeing the growth in online lotteries, bought a company that sold Oz Lotto and Powerball tickets online.

Fast forward to 2026 and Jumbo has over 2 million players from Australia and abroad. Founder Mike Veverka has remained at the helm since its inception and retains a 14.1% stake in the company. And with only 36% of lotteries having gone digital, there is more opportunity for Jumbo to capture at home and abroad. On top of all this, it has a resale agreement with gambling giant Tabcorp.

It achieved its highest ever profit in FY24 and its second highest in FY25, with FY25 being lower because the record jackpot in FY24 fell from $2.4bn to $2bn. It guided to a 46-50% EBITDA margin for FY26, reiterating this at its 1H26 results during which its revenue and profit lines returned to growth. FY26 has seen the company buy Dream Car Giveaways and sign a SaaS deal with RSL Queensland to facilitate the Dream Home Art Union.