We expect Ainsworth will be unable to recapture lost share as the firm struggles to compete against the financial might of much larger competitors--namely International Game Technology, Scientific Games, and narrow-moat Aristocrat Leisure. In our view, Ainsworth has squandered the opportunity afforded by its licences across key regions, with underinvestment in research and development, or R&D, in recent years leading to a lack of popular games today. While the firm has flagged a renewed focus on R&D spending in an attempt to stem market share losses, we expect this will prove too little, too late. Ainsworth is working from a much smaller revenue base, and the three major competitors all spend more on R&D than Ainsworth's entire annual sales. Consequently, Ainsworth's recent product releases have been lacklustre in comparison.