The AGEM Index has now fallen for two straight months as the January 2026 AGEM Index reported a 0.9% drop to 1,815.99, adding to December's sharper 4% drop as per our AGEM Index December 2025 online gambling news coverage.
Key Highlights
- The AGEM Index dropped 15.69 points to 1,815.99 in January 2026, a 0.9% fall from December, though it remains 11.4% higher than January 2025.
- Aristocrat Leisure lost 53.41 index points after its stock fell 7.9%, making it the month's worst performer despite resolving a costly legal dispute.
- Light & Wonder will pay Aristocrat $127.5 million and must pull Dragon Train and Jewel of the Dragon from land-based casinos and online platforms globally.
- Konami was the standout performer with a 5.3% stock price rise, adding 40.64 points to the index and partially offsetting the wider decline.
Source: All stats and information we've covered and formed an opinion on in this news report are also available for further research and information collection via the official AGEM Index website.
A $127.5 Million Legal Battle Affects the Index – Two Games You Might Play Are About to Vanish
If you have ever spun the reels on Dragon Train or Jewel of the Dragon, whether at a land-based casino or online, this gambling news directly affects you. Light & Wonder has agreed to permanently stop distributing both titles worldwide and will make best efforts to remove existing physical installations.
The reason? A former Aristocrat employee allegedly took proprietary mathematical data to Light & Wonder and used it to build these games. Aristocrat argued that Dragon Train borrowed heavily from its Dragon Link series, launched in 2017. A US court agreed, granting a preliminary injunction in September 2024. The full settlement confirmed that Light & Wonder would pay $127.5 million and destroy all documents containing Aristocrat's math data.
Dragon Train and Jewel of the Dragon Online Slot Versions
All the demo version below come directly from Light & Wonder
What the Numbers Tell Us About the Wider Industry
The AGEM Index tracks stock performance of 10 major gaming equipment suppliers globally. In January, six of those ten saw share prices fall. Aristocrat's 7.9% decline was the heaviest blow, costing 53.41 index points. Agilysys also had a rough month with a 27% stock drop, leading to a 20.53-point loss. On the positive side, Konami posted a 5.3% gain, contributing 40.64 points. The broader US market had a decent January with the Dow Jones up 1.7%, the S&P 500 rising 1.4%, and the NASDAQ gaining 0.9%.
The AGEM Index moving in the opposite direction suggests gaming-specific factors drove the decline, not general economic conditions.
Why This Matters If You Play Online Slots
Frankly speaking, the stock indices don't affect you as a player. This month's report is just a rare moment where two companies tracked by the AGEM Index build the slots and casino systems you may use daily. When a supplier like Aristocrat is locked in an IP dispute, or when games get pulled from lobbies, it is you as a player who feels it. Dragon Train had already been removed from US tribal casinos after the September 2024 injunction. Now, with the settlement finalised, both titles will disappear from land-based and online platforms globally.
There is a silver lining, though. Despite two consecutive monthly drops, the AGEM Index is still up 11.4% year-on-year. That growth suggests gaming suppliers remain in a healthy position, even if the short-term outlook has been shaky.
Casinoplusbonus Opinion
Two months of decline will naturally raise eyebrows, but context matters. The 0.9% dip in January is far milder than December's 4% slide, and annual growth of 11.4% tells a broader story of resilience. If you enjoyed Dragon Train or Jewel of the Dragon, the reality is those games were built using another company's proprietary work, and removal is the consequence. On the other hand, you as a player lose access to titles you liked, through no fault of your own. This IP dispute raises a bigger question about how development practices affect what ends up in your casino lobby.
What is the AGEM Index? The AGEM Index is a monthly stock performance tracker covering 10 major gaming equipment suppliers worldwide, published by the Association of Gaming Equipment Manufacturers.
