PlayAGS designs and supplies electronic gaming machines (EGMs) to tribal and commercial casinos, primarily in the U.S. AGS's core business is placing slot machines on casino floors under long-term lease agreements, where AGS earns either a share of each machine's net win (typically 15–20%) or a fixed daily fee — a model called "participation." These recurring lease arrangements account for roughly 64% of total revenue, with the balance coming from outright machine sales. AGS got its start in the Class II Native American gaming market (bingo-based games that tribal casinos can operate without a state compact) and has since expanded into Class III traditional slots, historical horse racing machines, and Mexico. EGMs account for roughly 90% of revenue, with Table Products (side bets, shufflers, licensed table games) and Interactive (online casino content and social casino games delivered on a B2B basis) each contributing about 5%. The key drivers of AGS's EGM business are the size of its installed base and revenue per day per machine, which AGS pushes higher by growing the share of premium lease-only cabinets. Oklahoma is AGS's largest single market at roughly 18% of revenue. AGS's growth strategy focuses on expanding its premium cabinet lineup, broadening its customer base, entering new product categories like mechanical reel and jumbo cabinets, and growing its online casino content library through the Interactive segment.