"The company consistently creates new technology with great content and irresistible appeal to gamblers. Its slot machines and other consoles have flashy features, including Bose audio and digital, and high definition graphics capabilities.

"Its newest technology, Bluebird 2, is equipped for network gaming, where slot machines are networked together to create new, multi-level gaming experiences.

"The primary advantage at WMS, of course, is the intellectual property it has developed in terms of game content and the mathematics of the games.

"How has WMS excelled when many of its competitors have stumbled lately? There are two key ways. It leases its top-performing games to casinos and shares in the revenue of the games.

"Casinos can't purchase the games -- and the lease payment is based on a percentage of the net win. (So when casino traffic ultimately improves, sales and earnings at WMS will get another big bump.)

"The other way is through straightforward sales. Business is good here, too. Product sales in the most recent quarter totaled a record $195.8 million.

"In short, one glance at the short line at the cashier window tells you that gambling is a very poor bet. WMS Industries, on the other hand, is a very good one."

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