AGEM Index sheds over 9% in March as supplier stocks slide
The AGEM Index fell sharply in March 2026. It closed at 1,472.20 points, down 9.2 per cent on the month. Seven of the nine gaming equipment suppliers tracked by the index saw their stock prices decline, according to data published by the Association of Gaming Equipment Manufacturers (AGEM).
The index also sat 8.9 per cent below its level from March 2025. That marks a year-on-year decline of 143.54 points.
The AGEM Index tracks the B2B side of the casino industry. It covers companies that supply slot machines, casino management systems and table game technology to land-based and hybrid casino operations worldwide. It is weighted by market capitalisation and uses month-end stock prices.
What drove the AGEM Index decline in March 2026
The biggest drag on the index came from Aristocrat Leisure Ltd. Its stock fell 5.7 per cent in March, stripping 58.84 points from the index in a single month.
Konami Corp. was not far behind. A 7.2 per cent stock decline cost the index a further 49.54 points, making it the second-largest negative contributor for the period.
Light and Wonder Inc. fell harder in percentage terms, dropping 11.3 per cent. That translated into a 30.33-point reduction in the index. Crane NXT Co. recorded the steepest percentage fall of any tracked company, shedding 15.9 per cent and removing 12.90 points. Inspired Entertainment fell 12.6 per cent. Agilysys and TransAct Technologies also closed lower, though their contributions to the overall decline were smaller given their index weights.
The AGEM Index is market-cap weighted. That means larger companies move the needle more than smaller ones. Aristocrat and Konami together accounted for more than 108 negative points. That single figure explains most of March’s decline.
One stock bucks the trend
Galaxy Gaming Inc. was the only company to post a positive contribution in March. Its stock rose 17.6 per cent, adding 0.28 points to the index.
Ainsworth Game Technology also edged higher in stock terms, gaining 1.9 per cent. But because of how its weighting is calculated, it still registered a marginal negative contribution of 0.08 points.
The result: eight of nine tracked companies produced negative index contributions in March. It was one of the more broadly negative months in recent data.
Wider market adds context
The March decline did not happen in isolation. US equity markets also fell sharply during the month. The Dow Jones Industrial Average dropped 5.4 per cent. The S&P 500 lost 5.1 per cent. The NASDAQ fell 4.8 per cent.
The AGEM Index declined 9.2 per cent. That outpaced all three major US benchmarks.
The nine companies tracked by the index are listed across the United States, Australia and Japan. That spread reflects the global nature of the B2B gaming equipment sector. Applied Analysis, a Nevada-based economic and financial advisory firm with specialist gaming and hospitality expertise, prepares the monthly data on behalf of AGEM.
What the AGEM Index measures
Most financial coverage of the gambling industry focuses on operators. That means casinos, betting companies and sportsbook platforms. The AGEM Index takes a different view. It tracks the companies that supply the technology those operators depend on.
That includes electronic gaming machines, casino management platforms and table game products. These are the systems and hardware that run casino floors around the world. Without them, operators cannot function.
The index has been calculated since January 2005, starting from a base value of 100 points. It adjusts for dividends and stock splits. Non-US currencies are converted to dollar equivalents for consistency.
With only nine companies in the index, individual stock movements carry significant weight. Aristocrat in particular has outsized influence. When it falls, the index tends to follow. March 2026 was a clear example. The February reading stood at 1,621.50. By the end of March, it had fallen to 1,472.20, a drop of 149.30 points in a single month.
Donât just read the news â stay ahead of it. Subscribe HERE to SiGMAâs Top 10 News countdown for stories shaping iGamingâs future, weekly insights from the worldâs biggest iGaming community, and exclusive subscriber-only offers.
