For both Aristocrat Leisure (ASX:ALL) and Light & Wonder (ASX:LNW), industry structure coupled with strong game performance means both are well placed to take further market share, Jarden said in a Thursday note.

US land-based gaming continues to demonstrate resilient end-market demand, with total gross gaming revenue growth outpacing the consumer price index despite moderating momentum through the fourth quarter of 2025. Gross gaming revenue growth remains robust at over 23% year-over-year for the quarter, providing structural tailwinds for both suppliers.

Light & Wonder maintains market leadership in online casino slots at around 14% gross gaming revenue share.

Game performance data to December 2025 reinforces the competitive positioning of both Aristocrat and Light & Wonder, representing around 83% of overall top-performing leased units. Aristocrat has clear market leadership with around 62% share of overall top-performing games, while Light & Wonder is well positioned to achieve its fiscal year 2028 installed base target of 20% market share, per the note.

The investment firm assigned buy ratings to both Aristocrat and Light & Wonder, with a price target of AU$72 per share for Aristocrat, and AU$195 per share for Light & Wonder.