Document:

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                                                                     EXHIBIT 4.5

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT, AS AMENDED, OR ANY OTHER APPLICABLE SECURITIES LAWS AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO A
TRANSACTION THAT IS EXEMPT FROM SUCH REGISTRATION.

                             STOCK PURCHASE WARRANT

              To Purchase _______________ Shares of Common Stock of

                            ACRES GAMING INCORPORATED

               THIS CERTIFIES that, for value received, _____________ (the
"Holder"), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after
December 21, 2001 (the "Initial Exercise Date") and on or prior to the close of
business on the fifth anniversary of the Initial Exercise Date (such period
referred to herein as the Exercise Period") but not thereafter, to subscribe for
and purchase from Acres Gaming Incorporated, a corporation incorporated in the
State of Nevada (the "Company"), up to ____________ shares (the "Warrant
Shares") of Common Stock, par value $.01 per share, of the Company (the "Common
Stock"). The purchase price of one share of Common Stock (the "Exercise Price")
under this Warrant shall be $4.6433, subject to adjustment hereunder. The
Exercise Price and the number of Warrant Shares for which the Warrant is
exercisable shall be subject to adjustment as provided herein. Capitalized terms
used and not otherwise defined herein shall have the meanings set forth in that
certain Convertible Subordinated Debentures and Warrants Purchase Agreement (the
"Purchase Agreement"), dated December 21, 2001, between the Company and the
investors signatory thereto.

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               1.     Title to Warrant. Prior to the end of the Exercise Period
and subject to compliance with applicable laws, this Warrant and all rights
hereunder are transferable, in whole or in part, at the office or agency of the
Company by the Holder in person or by duly authorized attorney, upon surrender
of this Warrant together with the Assignment Form annexed hereto properly
endorsed.

               2.     Authorization of Shares. The Company covenants that all
Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue
thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

               3.     Exercise of Warrant.

                      (a) Except as provided in Section 4 herein, exercise of
        the purchase rights represented by this Warrant may be made at any time
        or times during the Exercise Period by the surrender of this Warrant and
        the Notice of Exercise Form annexed hereto duly executed, at the office
        of the Company (or such other office or agency of the Company as it may
        designate by notice in writing to the registered Holder at the address
        of such Holder appearing on the books of the Company) and upon payment
        of the Exercise Price of the shares thereby purchased by wire transfer
        or cashier's check drawn on a United States bank, the Holder shall be
        entitled to receive a certificate for the number of Warrant Shares so
        purchased. Certificates for shares purchased hereunder shall be
        delivered to the Holder within three (3) Trading Days after the date on
        which this Warrant shall have been exercised as aforesaid. This Warrant
        shall be deemed to have been exercised and such certificate or
        certificates shall be deemed to have been issued, and Holder or any
        other person so designated to be named therein shall be deemed to have
        become a holder of record of such shares for all purposes, as of the
        date the Warrant has been exercised by surrender of the Warrant and
        payment to the Company of the Exercise Price and all taxes required to
        be paid by the Holder, if any, pursuant to Section 5 prior to the
        issuance of such shares, have been paid. If the Company fails to deliver
        to the Holder a certificate or certificates representing the Warrant
        Shares pursuant to this Section 3(a) by the third Trading Day after the
        date of exercise, then the Holder will have the right to rescind such
        exercise. In addition to any other rights available to the Holder, if
        the Company fails to deliver to the Holder a certificate or certificates
        representing the Warrant Shares pursuant to an exercise by the fifth
        Trading Day after the date of exercise, and if after such fifth Trading
        Day the Holder purchases (in an open market transaction or otherwise)
        shares of Common Stock to deliver in satisfaction of a sale by the
        Holder of the Warrant Shares which the Holder anticipated receiving upon
        such exercise (a "Buy-In"), then the Company shall (1) pay in cash to
        the Holder the amount by which (x) the Holder's total purchase price
        (including brokerage commissions, if any) for the shares of Common Stock
        so purchased exceeds (y) the amount obtained by multiplying (A) the
        number of Warrant Shares that the Company was required to deliver to the
        Holder in connection with the exercise at issue times (B) the closing
        bid price of the Common Stock at the time

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        of the obligation giving rise to such purchase obligation, and (2) at
        the option of the Holder, either reinstate the portion of the Warrant
        and equivalent number of Warrant Shares for which such exercise was not
        honored or deliver to the Holder the number of shares of Common Stock
        that would have been issued had the Company timely complied with its
        exercise and delivery obligations hereunder. For example, if the Holder
        purchases Common Stock having a total purchase price of $11,000 to cover
        a Buy-In with respect to an attempted exercise of shares of Common Stock
        with a market price on the date of exercise totaled $10,000, under
        clause (1) of the immediately preceding sentence the Company shall be
        required to pay the Holder $1,000. The Holder shall provide the Company
        written notice indicating the amounts payable to the Holder in respect
        of the Buy-In. Nothing herein shall limit a Holder's right to pursue any
        other remedies available to it hereunder, at law or in equity including,
        without limitation, a decree of specific performance and/or injunctive
        relief with respect to the Company's failure to timely deliver
        certificates representing shares of Common Stock upon exercise of the
        Warrant as required pursuant to the terms hereof.

                      (b) If this Warrant shall have been exercised in part, the
        Company shall, at the time of delivery of the certificate or
        certificates representing Warrant Shares, deliver to Holder a new
        Warrant evidencing the rights of Holder to purchase the unpurchased
        Warrant Shares called for by this Warrant, which new Warrant shall in
        all other respects be identical with this Warrant.

                      (c) Notwithstanding anything herein to the contrary, in no
        event shall the Holder be permitted to exercise this Warrant for Warrant
        Shares to the extent that (i) the number of shares of Common Stock owned
        by such Holder (other than Warrant Shares issuable upon exercise of this
        Warrant) plus (ii) the number of Warrant Shares issuable upon exercise
        of this Warrant, would be equal to or exceed 4.9999% of the number of
        shares of Common Stock then issued and outstanding, including shares
        issuable upon exercise of this Warrant held by such Holder after
        application of this Section 3(c). As used herein, beneficial ownership
        shall be determined in accordance with Section 13(c) of the Exchange
        Act. To the extent that the limitation contained in this Section 3(c)
        applies, the determination of whether this Warrant is exercisable (in
        relation to other securities owned by the Holder) and of which a portion
        of this Warrant is exercisable shall be in the sole discretion of such
        Holder, and the submission of a Notice of Exercise shall be deemed to be
        such Holder's determination of whether this Warrant is exercisable (in
        relation to other securities owned by such Holder) and of which portion
        of this Warrant is exercisable, in each case subject to such aggregate
        percentage limitation, and the Company shall have no obligation to
        verify or confirm the accuracy of such determination. Nothing contained
        herein shall be deemed to restrict the right of a Holder to exercise
        this Warrant into Warrant Shares at such time as such exercise will not
        violate the provisions of this Section 3(c). The provisions of this
        Section 3(c) may be waived by the Holder upon, at the election of the
        Holder, not less than 61 days' prior notice to the Company, and the
        provisions of this Section 3(c) shall continue to apply until such 61st
        day (or such later date, as determined by the Holder, as may be
        specified in such notice of waiver). No exercise of this Warrant in
        violation of this Section 3(c) but otherwise in accordance with this
        Warrant shall affect the status of the Warrant Shares as validly issued,
        fully-paid and nonassessable.

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        (d) At anytime beginning one (1) year from the date this Warrant is
        issued, in the event that the Registration Statement is not then
        effective, this Warrant may also be exercised by means of a "cashless
        exercise" in which the Holder shall be entitled to receive a certificate
        for the number of Warrant Shares equal to the quotient obtained by
        dividing [(A-B) (X)] by (A), where:

               (A)  = the average of the high and low trading prices per share
                      of Common Stock on the Trading Day preceding the date of
                      such election;

               (B)  = the Exercise Price of the Warrants; and

               (X)  = the number of Warrant Shares issuable upon exercise of
                      the Warrants in accordance with the terms of this Warrant.

               4.     No Fractional Shares or Scrip. No fractional shares or
scrip representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

               5.     Charges, Taxes and Expenses. Issuance of certificates for
Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and
such certificates shall be issued in the name of the Holder or in such name or
names as may be directed by the Holder; provided, however, that in the event
certificates for Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied
by the Assignment Form attached hereto duly executed by the Holder; and the
Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto.

               6.     Closing of Books. The Company will not close its
stockholder books or records in any manner which prevents the timely exercise of
this Warrant.

               7.     Transfer, Division and Combination.

                      (a) Subject to compliance with any applicable securities
        laws and Section 17(g), transfer of this Warrant and all rights
        hereunder, in whole or in part, shall be registered on the books of the
        Company to be maintained for such purpose, upon surrender of this
        Warrant at the principal office of the Company, together with a written
        assignment of this Warrant substantially in the form attached hereto
        duly executed by the Holder or its agent or attorney and funds
        sufficient to pay any transfer taxes payable upon the making of such
        transfer. In the event that the Holder wishes to transfer a portion of
        this Warrant, the Holder shall transfer at least 100,000 shares
        underlying this Warrant to any such transferee. Upon such surrender and,
        if required, such payment, the Company shall execute and deliver a new
        Warrant or Warrants in the name of the assignee or assignees and in the
        denomination or denominations specified in such instrument of
        assignment, and shall issue to the assignor a new Warrant evidencing the
        portion of this

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        Warrant not so assigned, and this Warrant shall promptly be cancelled. A
        Warrant, if properly assigned, may be exercised by a new holder for the
        purchase of Warrant Shares without having a new Warrant issued.
        Notwithstanding the above, the Holder shall not transfer this Warrant or
        any rights hereunder to any person or entity which is then engaged in a
        business that is, in the reasonable judgement of the Company, in direct
        competition with the Company.

                      (b) This Warrant may be divided or combined with other
        Warrants upon presentation hereof at the aforesaid office of the
        Company, together with a written notice specifying the names and
        denominations in which new Warrants are to be issued, signed by the
        Holder or its agent or attorney. Subject to compliance with Section
        7(a), as to any transfer which may be involved in such division or
        combination, the Company shall execute and deliver a new Warrant or
        Warrants in exchange for the Warrant or Warrants to be divided or
        combined in accordance with such notice.

                      (c) The Company shall prepare, issue and deliver at its
        own expense (other than transfer taxes) the new Warrant or Warrants
        under this Section 7.

                      (d) The Company agrees to maintain, at its aforesaid
        office, books for the registration and the registration of transfer of
        the Warrants.

               8.     No Rights as Shareholder until Exercise. This Warrant does
not entitle the Holder to any voting rights or other rights as a shareholder of
the Company prior to the exercise hereof. Upon the surrender of this Warrant and
the payment of the aggregate Exercise Price, the Warrant Shares so purchased
shall be and be deemed to be issued to such Holder as the record owner of such
shares as of the close of business on the later of the date of such surrender or
payment.

               9.     Loss, Theft, Destruction or Mutilation of Warrant. The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
or any stock certificate relating to the Warrant Shares, and in case of loss,
theft or destruction, of indemnity or security reasonably satisfactory to it
(which shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock certificate.

               10.    Saturdays, Sundays, Holidays, etc. If the last or
appointed day for the taking of any action or the expiration of any right
required or granted herein shall be a Saturday, Sunday or a legal holiday, then
such action may be taken or such right may be exercised on the next succeeding
day not a Saturday, Sunday or legal holiday.

               11.    Adjustments of Exercise Price and Number of Warrant
Shares. The number and kind of securities purchasable upon the exercise of this
Warrant and the Exercise Price shall be subject to adjustment from time to time
upon the happening of any of the following. In case the Company shall (i) pay a
dividend in shares of Common Stock or make a distribution in shares of Common
Stock to holders of its outstanding Common Stock, (ii)

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subdivide its outstanding shares of Common Stock into a greater number of
shares, (iii) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock, or (iv) issue any shares of its capital stock
in a reclassification of the Common Stock, then the number of Warrant Shares
purchasable upon exercise of this Warrant immediately prior thereto shall be
adjusted so that the Holder shall be entitled to receive the kind and number of
Warrant Shares or other securities of the Company which it would have owned or
have been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and number of Warrant Shares or
other securities of the Company which are purchasable hereunder, the Holder
shall thereafter be entitled to purchase the number of Warrant Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant Share
or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto immediately prior to such adjustment and dividing by the number
of Warrant Shares or other securities of the Company resulting from such
adjustment. An adjustment made pursuant to this paragraph shall become effective
immediately after the effective date of such event retroactive to the record
date, if any, for such event.

               12.    Effect of Reorganization.

                      (a) Reorganization--No Change in Control. Upon a merger,
        consolidation, acquisition of all or substantially all of the property
        or stock, liquidation or other reorganization of the Company
        (collectively, a "Reorganization") during the Exercise Period, as a
        result of which the shareholders of the Company receive cash, stock or
        other property in exchange for their shares of Common Stock and the
        holders of the Company's voting equity securities immediately prior to
        such Reorganization together own a majority interest of the voting
        equity securities of the successor corporation immediately following
        such Reorganization, lawful provision shall be made so that the Holder
        shall thereafter be entitled to receive, upon exercise of this Warrant,
        the number of shares of securities of the successor corporation
        resulting from such Reorganization (and cash and other property), to
        which a holder of the Warrant Shares issuable upon exercise of this
        Warrant would have been entitled in such Reorganization if this Warrant
        had been exercised immediately prior to such Reorganization. In any such
        case, appropriate adjustment (as determined in good faith by the
        Company's Board of Directors) shall be made in the application of the
        provisions of this Warrant with respect to the rights and interest of
        the Holder after the Reorganization to the end that the provisions of
        this Warrant (including adjustments of the Exercise Price and the number
        and type of securities purchasable pursuant to the terms of this
        Warrant) shall be applicable after that event, as near as reasonably may
        be, in relation to any shares deliverable after that event upon the
        exercise of this Warrant.

                      (b) Reorganization--Change in Control/Termination of
        Warrant. Upon Reorganization during the Exercise Period, as a result of
        which the shareholders of the Company receive cash, stock or other
        property in exchange for their shares of Common Stock and the holders of
        the Company's voting equity securities immediately prior to such
        Reorganization together do not own at least a majority interest of the
        voting equity securities of the successor corporation (or its parent)
        immediately following such

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        Reorganization, the Holder shall be given notice of such proposed action
        as provided in Section 17(d). The Holder may attend the meeting of the
        Company's shareholders at which such action is considered and voted
        upon. If the proposed action is approved according to applicable law,
        the Holder shall be so notified in writing by the Company by registered
        or certified mail promptly, but in no event less than 10 business days
        before the effectiveness of the Reorganization. Notwithstanding the
        period of exercisability stated on the face of this Warrant, this
        Warrant shall become forever null and void to the extent not exercised
        on or before 5:00 p.m., Eastern time, on the day immediately prior to
        the date of such Reorganization. The Holder shall have the right to
        condition its exercise of the Warrant hereunder upon the closing of such
        Reorganization.

               13.    Voluntary Adjustment by the Company. The Company may at
any time during the Exercise Period reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

               14.    Notice of Adjustment. Whenever the number of Warrant
Shares or number or kind of securities or other property purchasable upon the
exercise of this Warrant or the Exercise Price is adjusted, as herein provided,
the Company shall promptly mail by registered or certified mail, return receipt
requested, to the Holder notice of such adjustment or adjustments setting forth
the number of Warrant Shares (and other securities or property) purchasable upon
the exercise of this Warrant and the Exercise Price of such Warrant Shares (and
other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the
computation by which such adjustment was made. Such notice, in the absence of
manifest error, shall be conclusive evidence of the correctness of such
adjustment.

               15.    Notice of Corporate Action. If at any time:

                      (a) the Company shall take a record of the holders of its
        Common Stock for the purpose of entitling them to receive a dividend or
        other distribution, or any right to subscribe for or purchase any
        evidences of its indebtedness, any shares of stock of any class or any
        other securities or property, or to receive any other right; or

                      (b) there shall be any capital reorganization of the
        Company, any reclassification or recapitalization of the capital stock
        of the Company or any consolidation or merger of the Company with, or
        any sale, transfer or other disposition of all or substantially all the
        property, assets or business of the Company to, another corporation or,

                      (c) there shall be a voluntary or involuntary dissolution,
        liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer,

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disposition, liquidation or winding up, and (ii) in the case of any such
reorganization, reclassification, merger, consolidation, sale, transfer,
disposition, dissolution, liquidation or winding up, at least 20 days' prior
written notice of the date when the same shall take place. Such notice in
accordance with the foregoing clause also shall specify (i) the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, the date on which the holders of Common Stock shall be entitled to any
such dividend, distribution or right, and the amount and character thereof, and
(ii) the date on which any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, dissolution, liquidation or winding
up is to take place and the time, if any such time is to be fixed, as of which
the holders of Common Stock shall be entitled to exchange their Warrant Shares
for securities or other property deliverable upon such disposition, dissolution,
liquidation or winding up. Each such written notice shall be sufficiently given
if addressed to Holder at the last address of Holder appearing on the books of
the Company and delivered in accordance with Section 17(d).

               16.    Authorized Shares. The Company covenants that during the
period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance
of the Warrant Shares upon the exercise of any purchase rights under this
Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary certificates for
the Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of the Principal Market
upon which the Common Stock may be listed.

               The Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

               Before taking any action which would result in an adjustment in
the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

               17.    Miscellaneous.

                      (a) Jurisdiction. This Warrant shall constitute a contract
        under the laws of Nevada without regard to its conflict of law,
        principles or rules.

                      (b) Restrictions. The Holder acknowledges that the Warrant
        Shares acquired upon the exercise of this Warrant, if not registered,
        will have restrictions upon resale imposed by state and federal
        securities laws.

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                      (c) Nonwaiver and Expenses. No course of dealing or any
        delay or failure to exercise any right hereunder on the part of Holder
        shall operate as a waiver of such right or otherwise prejudice Holder's
        rights, powers or remedies, notwithstanding all rights hereunder
        terminate on the expiration of the Exercise Period. If the Company
        willfully and knowingly fails to comply with any provision of this
        Warrant, which results in any material damages to the Holder, the
        Company shall pay to Holder such amounts as shall be sufficient to cover
        any costs and expenses including, but not limited to, reasonable
        attorneys' fees, including those of appellate proceedings, incurred by
        Holder in collecting any amounts due pursuant hereto or in otherwise
        enforcing any of its rights, powers or remedies hereunder.

                      (d) Notices. All notices, demands, requests, consents,
        approvals, and other communications required or permitted hereunder
        shall be in writing and, unless otherwise specified herein, shall be (i)
        hand delivered, (ii) deposited in the mail, registered or certified,
        return receipt requested, postage prepaid, (iii) delivered by reputable
        air courier service with charges prepaid, or (iv) transmitted by
        facsimile, addressed as set forth below or to such other address as such
        party shall have specified most recently by written notice. Any notice
        or other communication required or permitted to be given hereunder shall
        be deemed effective (i) upon hand delivery or delivery by facsimile,
        with accurate confirmation generated by the transmitting facsimile
        machine, at the address or number designated below (if delivered on a
        business day during normal business hours where such notice is to be
        received), or the first business day following such delivery (if
        delivered other than on a business day during normal business hours
        where such notice is to be received) or (ii) on the first business day
        following the date of sending by reputable courier service, fully
        prepaid, addressed to such address, or (iii) upon actual receipt of such
        mailing, if mailed. The addresses for such communications shall be with
        respect to the Holder of this Warrant or of Warrant Shares issued
        pursuant thereto, addressed to such Holder at its last known address or
        facsimile number appearing on the books of the Company maintained for
        such purposes, or with respect to the Company, to the address provided
        on the signature page hereof. Any party hereto may from time to time
        change its address for notices by giving at least ten (10) days written
        notice of such changed address to the other party hereto.

                      (e) Limitation of Liability. No provision hereof, in the
        absence of affirmative action by Holder to purchase Warrant Shares, and
        no enumeration herein of the rights or privileges of Holder, shall give
        rise to any liability of Holder for the purchase price of any Common
        Stock or as a stockholder of the Company, whether such liability is
        asserted by the Company or by creditors of the Company.

                      (f) Remedies. Holder, in addition to being entitled to
        exercise all rights granted by law, including recovery of damages, will
        be entitled to specific performance of its rights under this Warrant.
        The Company agrees that monetary damages would not be adequate
        compensation for any loss incurred by reason of a breach by it of the
        provisions of this Warrant and hereby agrees to waive the defense in any
        action for specific performance that a remedy at law would be adequate.

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                      (g) Successors and Assigns. Subject to applicable
        securities laws, this Warrant and the rights and obligations evidenced
        hereby shall inure to the benefit of and be binding upon the successors
        of the Company and the successors and permitted assigns of Holder. The
        provisions of this Warrant are intended to be for the benefit of all
        Holders from time to time of this Warrant and shall be enforceable by
        any such Holder or holder of Warrant Shares. This Warrant may not be
        transferred or assigned without the consent of the Company, except to a
        partner, member shareholder or affiliate of the holder.

                      (h) Amendment. This Warrant may be modified or amended or
        the provisions hereof waived with the written consent of the Company and
        the Holder.

                      (i) Severability. Wherever possible, each provision of
        this Warrant shall be interpreted in such manner as to be effective and
        valid under applicable law, but if any provision of this Warrant shall
        be prohibited by or invalid under applicable law, such provision shall
        be ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provisions or the remaining
        provisions of this Warrant.

                      (j) Headings. The headings used in this Warrant are for
        the convenience of reference only and shall not, for any purpose, be
        deemed a part of this Warrant.

                              ********************

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               IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated: December 21, 2001

                                        ACRES GAMING INCORPORATED

                                        By:_____________________________________
                                           Patrick Cavanaugh, Senior
                                           Vice-President and CFO

                                        7115 Amigo, Suite 150
                                        Las Vegas, NV 89119

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                               NOTICE OF EXERCISE

To:     Acres Gaming Incorporated

               (1)    The undersigned hereby elects to purchase ________ Warrant
Shares (the "Common Stock"), of Acres Gaming Incorporated pursuant to the terms
of the attached Warrant, and tenders herewith payment of the exercise price in
full, together with all applicable transfer taxes, if any.

               (2)    Please issue a certificate or certificates representing
said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                      _______________________________

The Warrant Shares shall be delivered to the following:

                      _______________________________

                      _______________________________

                      _______________________________

                                        [PURCHASER]

                                        By: ________________________________
                                            Name:
                                            Title:

                                        Dated: ________________________

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

               FOR VALUE RECEIVED, the foregoing Warrant and all rights
evidenced thereby are hereby assigned to

_______________________________________________ whose address is

_______________________________________________________________________________.

________________________________________________________________________________

                                                Dated:  ______________, _______

                Holder's Signature: _____________________________

                Holder's Address:   _____________________________

                                    _____________________________

Signature Guaranteed: ___________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.

<PAGE>

                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT

                    PURSUANT TO CASHLESS EXERCISE PROVISIONS

To:

Aggregate Price of Warrant Before Exercise:  $_______
Aggregate Price Being Exercised: $________
Exercise Price:  $______ per share
Number of Shares of Common Stock to be Issued Under this Notice: ________
Remaining Aggregate Price (if any) After Issuance: $_______

Gentlemen:

        The undersigned, registered Holder of the Warrant delivered herewith,
hereby irrevocably exercises such Warrant for, and purchases thereunder, shares
of the Common Stock of _____________, as provided below. Capitalized terms used
herein, unless otherwise defined herein, shall have the meanings given in the
Warrant. The portion of the Exercise Price (as defined in the Warrant) to be
applied toward the purchase of Common Stock pursuant to this Notice of Exercise
is $_______, thereby leaving a remaining Exercise Price (if any) equal to
$________. Such exercise shall be pursuant to the cashless exercise provisions
of Section 3 of the Warrant; therefore, Holder makes no payment with this Notice
of Exercise. The number of shares to be issued pursuant to this exercise shall
be determined by reference to the formula in Section 3 of the Warrant which, by
reference to Section 3, requires the use of the high and low trading price of
the Company's Common Stock on the Trading Day preceding the date of such
election. The high and low trading price of the Company's Common Stock has been
determined by Holder to be $______ and $_________, respectively, which figure is
acceptable to Holder for calculations of the number of shares of Common Stock
issuable pursuant to this Notice of Exercise. Holder requests that the
certificates for the purchased shares of Common Stock be issued in the name of
_________________________ and delivered to _____________________________. To the
extent the foregoing exercise is for less than the full Aggregate Price of the
Warrant, a replacement Warrant representing the remainder of the Aggregate Price
(and otherwise of like form, tenor and effect) shall be delivered to Holder
along with the share certificate evidencing the Common Stock issued in response
to this Notice of Exercise.

                                        [Purchaser]

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        Date:

                                      NOTE

               The execution to the foregoing Notice of Exercise must exactly
correspond to the name of the Holder on the Warrant<PAGE>

                                                                     EXHIBIT 4.6

                          REGISTRATION RIGHTS AGREEMENT

               THIS REGISTRATION RIGHTS AGREEMENT, dated as of December 21,
2001, between the investor or investors signatory hereto (each an "Investor" and
together the "Investors"), and Acres Gaming Incorporated, a Nevada corporation
(the "Company").

               WHEREAS, simultaneously with the execution and delivery of this
Agreement, the Investors are purchasing from the Company, pursuant to the
Convertible Subordinated Debentures and Warrants Purchase Agreement, dated the
date hereof (the "Purchase Agreement") (CAPITALIZED TERMS NOT DEFINED HEREIN
SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE PURCHASE AGREEMENT), $5,000,000,
in the aggregate, principal amount of the Company's Convertible Subordinated
Debentures and Warrants; and

               WHEREAS, the Company desires to grant to the Investors the
registration rights set forth herein with respect to the Conversion Shares of
Common Stock issuable upon conversion of, or as interest upon, the Convertible
Subordinated Debentures, shares of Common Stock issuable upon exercise of the
Warrants purchased pursuant to the Purchase Agreement and shares issuable in the
event of a registration default pursuant to Section 3(f) (the "Securities").

               NOW, THEREFORE, the parties hereto mutually agree as follows:

               Section 1. Definitions.

                      "Exchange Act" means the Securities Exchange Act of 1934,
               as amended.

                      "Registration Statement" means a registration statement on
               Form S-3 (if use of such form is then available to the Company
               pursuant to the rules of the SEC and, if not, on such other form
               promulgated by the SEC for which the Company then qualifies and
               which counsel for the Company shall deem appropriate, and which
               form shall be available for the resale by the Investors of the
               Securities to be registered thereunder in accordance with the
               provisions of this Agreement and in accordance with the intended
               method of distribution of such securities), for the registration
               of the resale by the Investors of the Securities under the
               Securities Act.

                      "Rule 144" means Rule 144 promulgated by the SEC pursuant
               to the Securities Act, as such Rule may be amended from time to
               time, or any similar rule or regulation hereafter adopted by the
               SEC having substantially the same effect as such Rule.

                      "Rule 416" means Rule 416 promulgated by the SEC pursuant
               to the Securities Act, as such Rule may be amended from time to
               time, or any similar rule or regulation hereafter adopted by the
               SEC having substantially the same effect as such Rule.

<PAGE>

                      "Securities Act" means the Securities Act of 1933, as
               amended.

               Section 2. Restrictions on Transfer. Each Investor acknowledges
and understands that prior to the registration of the Securities as provided
herein, the Securities are "restricted securities" as defined in Rule 144. Each
Investor understands that no disposition or transfer of the Securities may be
made by Investor in the absence of (i) an opinion of counsel to the Investor, in
form and substance reasonably satisfactory to the Company, that such transfer
may be made without registration under the Securities Act or (ii) such
registration.

                      With a view to making available to the Investors the
benefits of Rule 144 or any other similar rule or regulation of the SEC that may
at any time permit the Investors to sell securities of the Company to the public
without registration, the Company agrees to:

               (a)    comply with the provisions of paragraph (c)(1) of Rule
        144;

               (b)    file with the SEC in a timely manner all reports and other
        documents required to be filed with the SEC pursuant to Section 13 or
        15(d) under the Exchange Act by companies subject to either of such
        sections, irrespective of whether the Company is then subject to such
        reporting requirements; and

               (c)    upon request by the Transfer Agent, the Company shall
        provide the Transfer Agent an opinion of counsel, which opinion shall be
        reasonably acceptable to the Transfer Agent, that the Investor has
        complied with the applicable conditions of Rule 144 (or any similar
        provision then in force) under the Securities Act.

               Section 3. Registration Rights With Respect to the Securities.

               (a)    The Company agrees that it will prepare and file with the
        SEC, within 30 calendar days after the Closing Date, a registration
        statement on Form S-3 (or such other appropriate registration statement
        form) under the Securities Act at the sole expense of the Company
        (except as provided in Section 3(c) hereof), in respect of the
        Investors, so as to permit the resale of the Securities under the Act by
        the Investors as selling stockholders and not as underwriters.

               (b)    The Company shall cause such Registration Statement to
        become effective within 60 calendar days (120 calendar days in the event
        of a "full review" by the SEC) after the Closing Date and shall request
        acceleration of effectiveness within 5 days of SEC clearance. The number
        of shares designated in the Registration Statement to be registered
        shall include all the Warrant Shares, 100% of the already converted
        Conversion Shares held by any Investor on the filing date and at least
        200% of the greater of the number of shares which would be issuable upon
        the conversion of the principal amount of the Convertible Subordinated
        Debentures issued and to be issued at the Mandatory Conversion Price in
        effect (i) on the Closing Date, or (ii) on the date of the filing of the
        Registration Statement, and such number of shares as the Company deems
        prudent for the purpose of issuing shares of Common Stock as interest on
        the Convertible

                                       2
<PAGE>

        Subordinated Debentures, and shall include appropriate language
        regarding reliance upon Rule 416 to the extent permitted by the SEC. The
        Company will notify the Investors and its transfer agent of the
        effectiveness of the Registration Statement within 1 Trading Day of such
        event. After the Effective Date, within 15 days after the day on which
        the number of Securities registered for resale by the Investors,
        notwithstanding the limitation on conversion herein and in the Purchase
        Agreement, is less than 125% of the number of Securities (calculated at
        the Mandatory Conversion Price on such date) held by the Investors on
        such date (the "Further Registration Date"), the Company shall file a
        further registration statement registering a number of shares of Common
        Stock to the extent that at least 200% of the shares which would be
        required to be issued upon the conversion of the remaining Convertible
        Subordinated Debentures at the Mandatory Conversion Price on the date of
        the filing of such further registration statement are registered and
        shall prosecute such additional registration statement to effectiveness
        within 90 calendar days (120 calendar days in the event of a "full
        review" by the SEC) of the Further Registration Date and shall request
        acceleration of effectiveness within 5 days of SEC clearance. Each
        Investor shall have the right to convert all or any of its Convertible
        Subordinated Debentures into up to a number of registered shares of
        Common Stock equal to such Investor's fraction of the aggregate Purchase
        Price multiplied by the initially registered and, if applicable,
        subsequently registered Securities, subject to any limitation on such
        conversion herein or in the Purchase Agreement; provided, however, in no
        event shall this provision limit each Investor's right to convert its
        Convertible Subordinated Debenture into unregistered shares of Common
        Stock. Notwithstanding anything herein to the contrary, if the only
        reason for the delay in effectiveness relates to an Investor's
        affiliation with a registered broker-dealer, the failure of such
        Investor to disclose the individuals that exercise voting and/or
        investment powers over the shares of Common Stock to be sold by such
        Investor or the failure of such Investor to disclose the Investor's
        beneficial ownership of the Common Stock, the aforementioned time
        periods as to effectiveness shall be tolled accordingly.

               (c)    The Company will maintain the Registration Statement or
        post-effective amendment filed under this Section 3 effective under the
        Securities Act until the earlier of (i) the date that none of the
        Securities covered by such Registration Statement are or may become
        issued and outstanding, (ii) the date that all of the Securities have
        been sold pursuant to such Registration Statement, (iii) the date the
        Investors receive an opinion of counsel to the Company, which counsel
        shall be reasonably acceptable to the Investors, that the Securities may
        be sold under the provisions of Rule 144 without limitation as to
        volume, (iv) the date that all Securities have been otherwise
        transferred to persons who may trade such shares without restriction
        under the Securities Act, and the Company has delivered a new
        certificate or other evidence of ownership for such securities not
        bearing a restrictive legend, or (v) three (3) years from the Effective
        Date.

               (d)    All fees, disbursements and out-of-pocket expenses and
        costs incurred by the Company in connection with the preparation and
        filing of the Registration Statement hereunder and in complying with
        applicable securities and Blue Sky laws (including, without limitation,
        all attorneys' fees of the Company) shall be borne by the Company. The
        Investors shall bear the cost of underwriting and/or brokerage
        discounts, fees and

                                       3
<PAGE>

        commissions, if any, applicable to the Securities being registered and
        the fees and expenses of their counsel. The Investors and their counsel
        shall have a reasonable period, not to exceed 5 Trading Days, to review
        the proposed Registration Statement or any amendment thereto, prior to
        filing with the SEC, and the Company shall provide each Investor with
        copies of any comment letters received from the SEC staff with respect
        to the Registration Statement that pertain specifically to this
        transaction or the selling shareholders and their plan of distribution
        within 2 Trading Days of receipt thereof. The Company shall qualify any
        of the securities for sale in such states as any Investor reasonably
        designates and shall furnish indemnification in the manner provided in
        Section 6 hereof. However, the Company shall not be required to qualify
        in any state which will require an escrow or other restriction relating
        to the Company and/or the sellers, or which will require the Company to
        qualify to do business in such state or require the Company to file
        therein any general consent to service of process. The Company at its
        expense will supply the Investors with copies of the applicable
        Registration Statement and the prospectus included therein and other
        related documents in such quantities as may be reasonably requested by
        the Investors.

               (e)    The Company shall not be required by this Section 3 to
        include an Investor's Registrable Securities in any Registration
        Statement which is to be filed if, in the opinion of counsel for both
        the Investor and the Company (or, should they not agree, in the opinion
        of another counsel experienced in securities law matters acceptable to
        counsel for the Investor and the Company) the proposed offering or other
        transfer as to which such registration is requested is exempt from
        applicable federal and state securities laws and would result in all
        purchasers or transferees obtaining securities which are not "restricted
        securities", as defined in Rule 144 under the Securities Act.

               (f)    In the event that (i) the Registration Statement is not
        filed by the Company in a timely manner as set forth in Section 3(a),
        (ii) the Registration Statement is not declared effective by the SEC
        within the period of time set forth in Section 3(b) herein, (iii) such
        Registration Statement is not maintained as effective by the Company for
        the period set forth in Section 3(c) above, or (iv) the additional
        registration statement referred to in Section 3(b) is not filed or
        declared effective within the time periods set forth in Section 3(b)
        herein (each a "Registration Default"), then the Company will pay each
        Investor (pro-rata on a monthly basis), for each Registration Default
        then in effect, as liquidated damages and not as a penalty, during any
        period in which a Registration Default is occurring, as to the first
        month, 1% per month and as to each month thereafter, 2% per month, of
        (i) the value of any outstanding Convertible Subordinated Debentures
        (valued at the average of the VWAPs during the applicable month
        multiplied by the number of Conversion Shares the Convertible
        Subordinated Debentures are convertible into based on (A) prior to 6
        months from the Closing Date, the Set Price, and (B) following 6 months
        after the Closing Date, the Mandatory Conversion Price as to such
        month), (ii) the value of any outstanding Warrants (valued at the
        difference between the average VWAP during the applicable month and the
        Exercise Price multiplied by the number of Warrant Shares the Warrants
        are exercisable into), and (iii) the value of any Conversion Shares and
        Warrant Shares (valued at the average of the VWAPs during the applicable
        month multiplied by the number of such securities), held

                                       4
<PAGE>

        by such Investor until such corresponding Registration Default no longer
        exists ("Liquidated Damages"). Notwithstanding anything herein to the
        contrary, Liquidated Damages shall not accrue and be payable to an
        Investor to the extent that the only reason for the delay in
        effectiveness relates to such Investor's affiliation with a registered
        broker-dealer, such Investor's failure to disclose the individuals that
        exercise voting and/or investment powers over the shares of Common Stock
        to be sold by such Investor or the Investor's failure to disclose its
        beneficial ownership of the Common Stock. Such payment of the Liquidated
        Damages shall be made to the Investors in cash, or, at the option of the
        Company, in registered shares of Common Stock (based on the Mandatory
        Conversion Price) on the Trading Day prior to the date of payment) on
        the last day of each month during which a Registration Default occurred
        or was continuing, without demand therefor by the Investor; provided,
        however, that the payment of the Liquidated Damages shall not relieve
        the Company from its obligations to register the Securities pursuant to
        this Section.

               If the Company does not remit the payment to the Investors as set
        forth above, the Company will pay the Investors reasonable costs of
        collection, including attorneys' fees, in addition to the Liquidated
        Damages and interest of 12% per annum on any liquidated damage payments
        not made in a timely manner as set forth above. The registration of the
        Securities pursuant to this provision shall not affect or limit the
        Investors' other rights or remedies as set forth in this Agreement.

               (g)    Except for any rights pursuant to the Registration Rights
        Agreement, dated January 28, 1997, entered into between the Company and
        IGT and the registration rights to be granted to Roth Capital Partners,
        LLC pursuant to the warrants issued to it in connection with this
        transaction: (i) the Company shall be precluded from including in any
        registration statement which it is required to file pursuant to this
        Section 3 any other securities apart from the Registrable Securities,
        without the prior written consent of a majority in interest of the
        Investors, and (ii) the Company shall not file any registration
        statement other than the Registration Statement until after the
        Effective Date, without the consent of the Investors.

               (h)    If at any time or from time to time after the effective
        date of any Registration Statement, the Company notifies the Investors
        in writing of the existence of a Potential Material Event (as defined in
        Section 3(i) below), the Investors shall not offer or sell any
        Securities or engage in any other transaction involving or relating to
        Securities or convert or exercise any of the Securities (except that, an
        Investor may elect to convert or exercise the Securities during such
        period provided such Investor enters into a confidentiality agreement
        with the Company pertaining only to the information requiring such
        blackout period, the Company discloses such information to such
        Investor, and such information shall be publicly disclosed at the end of
        such blackout period), from the time of the giving of notice with
        respect to a Potential Material Event until the Investors receive
        written notice from the Company that such Potential Material Event
        either has been disclosed to the public or no longer constitutes a
        Potential Material Event; provided, however, that the Company may not so
        suspend the right to such holders of Securities for more than twenty
        (20) calendar days in the aggregate during any twelve month period,

                                        5
<PAGE>

        during the period the Registration Statement is required to be in
        effect, and if such period is exceeded, such event shall be a
        Registration Default and subject to Liquidated Damages as set forth in
        Section 3(f) hereof. THE COMPANY MUST GIVE THE INVESTORS NOTICE IN
        WRITING PROMPTLY UPON KNOWLEDGE THAT SUCH A BLACKOUT PERIOD (WITHOUT
        INDICATING THE NATURE OF SUCH BLACKOUT PERIOD) WILL OCCUR BUT IN NO
        EVENT LESS THAN ONE (1) TRADING DAY PRIOR TO THE FIRST DAY OF THE
        BLACKOUT PERIOD AND SUCH NOTICE MUST BE ACKNOWLEDGED IN WRITING BY THE
        INVESTORS. FAILURE TO PROVIDE THE INVESTORS WITH SUCH NOTICE SHALL
        CONSTITUTE A REGISTRATION DEFAULT DURING THE ENTIRE APPLICABLE PERIOD
        THAT THE REGISTRATION STATEMENT IS SUSPENDED. Compliance by the Company
        with this Section 3(h) will not result in or be deemed a breach of any
        of the Company's obligations set forth in the Purchase Agreement not to
        disclose non-public information to the Investors.

               (i)    "Potential Material Event" means any of the following: (a)
        the possession by the Company of material information not ripe for
        disclosure in a registration statement, as determined in good faith by
        the Chief Executive Officer or the Board of Directors of the Company
        that disclosure of such information in a Registration Statement would be
        detrimental to the business and affairs of the Company; or (b) any
        material engagement or activity by the Company which would, in the good
        faith determination of the Chief Executive Officer or the Board of
        Directors of the Company, be adversely affected by disclosure in a
        registration statement at such time, which determination shall be
        accompanied by a good faith determination by the Chief Executive Officer
        or the Board of Directors of the Company that the applicable
        Registration Statement would be materially misleading absent the
        inclusion of such information.

               Section 4. Cooperation with Company. The Investors will cooperate
with the Company in all respects in connection with this Agreement, including
timely supplying all information reasonably requested by the Company (which
shall include all information regarding the Investors and proposed manner of
sale of the Registrable Securities required to be disclosed in any Registration
Statement) and executing and returning all documents reasonably requested in
connection with the registration and sale of the Registrable Securities and
entering into and performing their obligations under any underwriting agreement,
if the offering is an underwritten offering, in usual and customary form, with
the managing underwriter or underwriters of such underwritten offering. Nothing
in this Agreement shall obligate any Investor to consent to be named as an
underwriter in any Registration Statement. The obligation of the Company to
register the Registrable Securities shall be absolute and unconditional as to
those Securities which the SEC will permit to be registered without naming the
Investors as underwriters. Any delay or delays caused by the Investors by
failure to cooperate as required hereunder shall not constitute a Registration
Default.

               Section 5. Registration Procedures. If and whenever the Company
is required by any of the provisions of this Agreement to effect the
registration of any of the Registrable Securities under the Act, the Company
shall (except as otherwise provided in this Agreement), as expeditiously as
possible, subject to the Investors' assistance and cooperation as reasonably
required with respect to each Registration Statement:

                                        6
<PAGE>

               (a) (i)prepare and file with the SEC such amendments and
        supplements to the Registration Statement and the prospectus used in
        connection therewith as may be necessary to keep such Registration
        Statement effective and to comply with the provisions of the Act with
        respect to the sale or other disposition of all Registrable Securities
        covered by such Registration Statement whenever the Investors shall
        desire to sell or otherwise dispose of the same (including prospectus
        supplements with respect to the sales of Registrable Securities from
        time to time in connection with a registration statement pursuant to
        Rule 415 promulgated under the Act) and (ii) take all lawful action such
        that each of (A) the Registration Statement and any amendment thereto
        does not, when it becomes effective, contain an untrue statement of a
        material fact or omit to state a material fact required to be stated
        therein or necessary to make the statements therein, in light of the
        circumstances under which they were made, not misleading and (B) the
        prospectus forming part of the Registration Statement, and any amendment
        or supplement thereto, does not at any time during the Registration
        Period include an untrue statement of a material fact or omit to state a
        material fact required to be stated therein or necessary to make the
        statements therein, in light of the circumstances under which they were
        made, not misleading;

               (b) (i)prior to the filing with the SEC of any Registration
        Statement (including any amendments thereto) and the distribution or
        delivery of any prospectus (including any supplements thereto), provide
        draft copies thereof to the Investors as required by Section 3(d) and
        reflect in such documents all such comments as the Investors (and their
        counsel) reasonably may propose respecting the Selling Shareholders and
        Plan of Distribution sections (or equivalents); (ii) furnish to each
        Investor such numbers of copies of a prospectus including a preliminary
        prospectus or any amendment or supplement to any prospectus, as
        applicable, in conformity with the requirements of the Act, and such
        other documents, as such Investor may reasonably request in order to
        facilitate the public sale or other disposition of the Registrable
        Securities owned by such Investor; and (iii) provide to each Investor
        copies of any comments and communications from the SEC relating to the
        Registration Statement, if lawful to do so;

               (c)    register and qualify the Registrable Securities covered by
        the Registration Statement under such other securities or blue sky laws
        of such jurisdictions as the Investors shall reasonably request (subject
        to the limitations set forth in Section 3(d) above), and do any and all
        other acts and things which may be necessary or advisable to enable each
        Investor to consummate the public sale or other disposition in such
        jurisdiction of the Registrable Securities owned by such Investor;

               (d)    list such Registrable Securities on the Principal Market,
        if the listing of such Registrable Securities is then permitted under
        the rules of such Principal Market;

               (e)    notify each Investor at any time when a prospectus
        relating thereto covered by the Registration Statement is required to be
        delivered under the Act, of the happening of any event of which it has
        knowledge as a result of which the prospectus included in the
        Registration Statement, as then in effect, includes an untrue statement
        of a material fact or omits to state a material fact required to be
        stated therein or necessary to

                                       7
<PAGE>

        make the statements therein not misleading in the light of the
        circumstances then existing, subject to Section 3(h), and the Company
        shall prepare and file a curative amendment under Section 5(a) as
        quickly as commercially possible and during such period, the Investors
        shall not make any sales of Registrable Securities pursuant to the
        Registration Statement and during such period; provided, however, any
        period during which the Investors are precluded from making sales of the
        Registrable Securities shall be included in the 20 calendar day period
        in Section 3(h) and any such days herein which exceed, or cause the
        Company to exceed, such 20 calendar day period shall be deemed a
        Registration Default and the Company shall be subject to Liquidated
        Damages as set forth in Section 3(f).

               (f)    as promptly as practicable after becoming aware of such
        event, notify each Investor who holds Registrable Securities subject to
        the Registration Statement (or, in the event of an underwritten
        offering, the managing underwriters) of the issuance by the SEC of any
        stop order or other suspension of the effectiveness of the Registration
        Statement at the earliest possible time and take all lawful action to
        effect the withdrawal, recession or removal of such stop order or other
        suspension;

               (g)    cooperate with the Investors to facilitate the timely
        preparation and delivery of certificates for the Registrable Securities
        to be offered pursuant to the Registration Statement and enable such
        certificates for the Registrable Securities to be in such denominations
        or amounts, as the case may be, as the Investors reasonably may request
        and registered in such names as the Investors may request; and, within 3
        Trading Days after a Registration Statement which includes Registrable
        Securities is declared effective by the SEC, deliver and cause legal
        counsel selected by the Company to deliver to the transfer agent for the
        Registrable Securities (with copies to the Investors) an appropriate
        instruction and, to the extent necessary, an opinion of such counsel;

               (h)    take all such other lawful actions reasonably necessary to
        expedite and facilitate the disposition by the Investors of their
        Registrable Securities in accordance with the intended methods therefor
        provided in the prospectus which are customary for issuers to perform
        under the circumstances;

               (i)    in the event of an underwritten offering, promptly include
        or incorporate in a prospectus supplement or post-effective amendment to
        the Registration Statement such information as the managers reasonably
        agree should be included therein and to which the Company does not
        reasonably object and make all required filings of such prospectus
        supplement or post-effective amendment as soon as practicable after it
        is notified of the matters to be included or incorporated in such
        Prospectus supplement or post-effective amendment; and

               (j)    maintain a transfer agent and registrar for its Common
        Stock.

               Section 6. Indemnification.

                                       8
<PAGE>

               (a)    To the maximum extent permitted by law, the Company agrees
        to indemnify and hold harmless the Investors and each person, if any,
        who controls an Investor within the meaning of the Securities Act (each
        a "Distributing Investor") against any losses, claims, damages or
        liabilities, joint or several (which shall, for all purposes of this
        Agreement, include, but not be limited to, all reasonable costs of
        defense and investigation and all reasonable attorneys' fees and
        expenses), to which the Distributing Investor may become subject, under
        the Securities Act or otherwise, insofar as such losses, claims, damages
        or liabilities (or actions in respect thereof) arise out of or are based
        upon any untrue statement or alleged untrue statement of any material
        fact contained in any Registration Statement, or any related final
        prospectus or amendment or supplement thereto, or arise out of or are
        based upon the omission or alleged omission to state therein a material
        fact required to be stated therein or necessary to make the statements
        therein not misleading; provided, however, that the Company will not be
        liable in any such case to the extent, and only to the extent, that any
        such loss, claim, damage or liability arises out of or is based upon an
        untrue statement or alleged untrue statement or omission or alleged
        omission made in such Registration Statement, preliminary prospectus,
        final prospectus or amendment or supplement thereto in reliance upon,
        and in conformity with, written information furnished to the Company by
        the Distributing Investor, its counsel, affiliates or any underwriter,
        specifically for use in the preparation thereof or by such Investor's
        failure to deliver to the purchaser a copy of the most recent prospectus
        (including any amendments or supplements thereto). This indemnity
        agreement will be in addition to any liability, which the Company may
        otherwise have.

               (b)    To the maximum extent permitted by law, each Distributing
        Investor agrees that it will indemnify and hold harmless the Company,
        and each officer and director of the Company or person, if any, who
        controls the Company within the meaning of the Securities Act, against
        any losses, claims, damages or liabilities (which shall, for all
        purposes of this Agreement, include, but not be limited to, all
        reasonable costs of defense and investigation and all reasonable
        attorneys' fees and expenses) to which the Company or any such officer,
        director or controlling person may become subject under the Securities
        Act or otherwise, insofar as such losses, claims, damages or liabilities
        (or actions in respect thereof) arise out of or are based upon any
        untrue statement or alleged untrue statement of any material fact
        contained in any Registration Statement, or any related final prospectus
        or amendment or supplement thereto, or arise out of or are based upon
        the omission or the alleged omission to state therein a material fact
        required to be stated therein or necessary to make the statements
        therein not misleading, but in each case only to the extent that such
        untrue statement or alleged untrue statement or omission or alleged
        omission was made in such Registration Statement, final prospectus or
        amendment or supplement thereto in reliance upon, and in conformity
        with, written information furnished to the Company by such Distributing
        Investor, its counsel, affiliates or any underwriter, specifically for
        use in the preparation thereof. This indemnity agreement will be in
        addition to any liability, which the Distributing Investor may otherwise
        have. Notwithstanding anything to the contrary herein, the Distributing
        Investor shall be liable under this Section 6(b) for only that amount as
        does not exceed

                                       9
<PAGE>

        the net proceeds to such Distributing Investor as a result of the sale
        of Registrable Securities pursuant to the Registration Statement.

               (c)    Promptly after receipt by an indemnified party under this
        Section 6 of notice of the commencement of any action against such
        indemnified party, such indemnified party will, if a claim in respect
        thereof is to be made against the indemnifying party under this Section
        6, notify the indemnifying party in writing of the commencement thereof;
        but the omission so to notify the indemnifying party will not relieve
        the indemnifying party from any liability which it may have to any
        indemnified party except to the extent the failure of the indemnified
        party to provide such written notification actually prejudices the
        ability of the indemnifying party to defend such action. In case any
        such action is brought against any indemnified party, and it notifies
        the indemnifying party of the commencement thereof, the indemnifying
        party will be entitled to participate in, and, to the extent that it may
        wish, jointly with any other indemnifying party similarly notified,
        assume the defense thereof, subject to the provisions herein stated and
        after notice from the indemnifying party to such indemnified party of
        its election so to assume the defense thereof, the indemnifying party
        will not be liable to such indemnified party under this Section 6 for
        any legal or other expenses subsequently incurred by such indemnified
        party in connection with the defense thereof other than reasonable costs
        of investigation, unless the indemnifying party shall not pursue the
        action to its final conclusion. The indemnified parties as a group shall
        have the right to employ one separate counsel in any such action and to
        participate in the defense thereof, but the fees and expenses of such
        counsel shall not be at the expense of the indemnifying party if the
        indemnifying party has assumed the defense of the action with counsel
        reasonably satisfactory to the indemnified party unless (i) the
        employment of such counsel has been specifically authorized in writing
        by the indemnifying party, or (ii) the named parties to any such action
        (including any impleaded parties) include both the indemnified party and
        the indemnifying party and the indemnified party shall have been advised
        by its counsel that there may be one or more legal defenses available to
        the indemnifying party different from or in conflict with any legal
        defenses which may be available to the indemnified party or any other
        indemnified party (in which case the indemnifying party shall not have
        the right to assume the defense of such action on behalf of such
        indemnified party, it being understood, however, that the indemnifying
        party shall, in connection with any one such action or separate but
        substantially similar or related actions in the same jurisdiction
        arising out of the same general allegations or circumstances, be liable
        only for the reasonable fees and expenses of one separate firm of
        attorneys for the indemnified party, which firm shall be designated in
        writing by the indemnified party). No settlement of any action against
        an indemnified party shall be made without the prior written consent of
        the indemnified party, which consent shall not be unreasonably withheld
        so long as such settlement includes a full release of claims against the
        indemnified party.

               All fees and expenses of the indemnified party (including
        reasonable costs of defense and investigation in a manner not
        inconsistent with this Section and all reasonable attorneys' fees and
        expenses) shall be paid to the indemnified party, as incurred, within
        ten (10) Trading Days of written notice thereof to the indemnifying

                                       10
<PAGE>

        party; provided, that the indemnifying party may require such
        indemnified party to undertake to reimburse all such fees and expenses
        to the extent it is finally judicially determined that such indemnified
        party is not entitled to indemnification hereunder.

               Section 7. Contribution. In order to provide for just and
equitable contribution under the Securities Act in any case in which (i) the
indemnified party makes a claim for indemnification pursuant to Section 6 hereof
but is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the
denial of the last right of appeal) that such indemnification may not be
enforced in such case notwithstanding the fact that the express provisions of
Section 6 hereof provide for indemnification in such case, or (ii) contribution
under the Securities Act may be required on the part of any indemnified party,
then the Company and the applicable Distributing Investor shall contribute to
the aggregate losses, claims, damages or liabilities to which they may be
subject (which shall, for all purposes of this Agreement, include, but not be
limited to, all reasonable costs of defense and investigation and all reasonable
attorneys' fees and expenses), in either such case (after contribution from
others) on the basis of relative fault as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Company on the one hand or the applicable
Distributing Investor on the other hand, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Distributing Investor agree that it
would not be just and equitable if contribution pursuant to this Section 7 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in this
Section 7. The amount paid or payable by an indemnified party as a result of the
losses, claims, damages or liabilities (or actions in respect thereof) referred
to above in this Section 7 shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

               Notwithstanding any other provision of this Section 7, in no
event shall any Investor be required to undertake liability to any person under
this Section 7 for any amounts in excess of the dollar amount of the proceeds
received by such Investor from the sale of such Investor's Registrable
Securities (after deducting any fees, discounts and commissions applicable
thereto) pursuant to any Registration Statement under which such Registrable
Securities are registered under the Securities Act.

               Section 8. Notices. All notices, demands, requests, consents,
approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) hand delivered,
(ii) deposited in the mail, registered or certified, return receipt requested,
postage prepaid, (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by facsimile, addressed as set forth in the
Purchase Agreement or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or
permitted to be given hereunder shall be

                                       11
<PAGE>

deemed effective (a) upon hand delivery or delivery by facsimile, with accurate
confirmation generated by the transmitting facsimile machine, at the address or
number designated below (if delivered on a business day during normal business
hours where such notice is to be received), or the first business day following
such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the first business day
following the date of sending by reputable courier service, fully prepaid,
addressed to such address, or (c) upon actual receipt of such mailing, if
mailed. Either party hereto may from time to time change its address or
facsimile number for notices under this Section 8 by giving at least ten (10)
days' prior written notice of such changed address or facsimile number to the
other party hereto.

               Section 9. Assignment. This Agreement is binding upon and inures
to the benefit of the parties hereto and their respective heirs, successors and
permitted assigns. The rights granted the Investors under this Agreement may be
assigned to any purchaser of substantially all of the Registrable Securities (or
the rights thereto) from an Investor, as otherwise permitted by the Purchase
Agreement.

               Section 10. Additional Covenants of the Company. The Company
agrees that, for so long as it shall be required to maintain the effectiveness
of the Registration Statement, it shall file all reports and information
required to be filed by it with the SEC in a timely manner and take all such
other action so as to maintain such eligibility for the use of such form.

               Section 11. Counterparts/Facsimile. This Agreement may be
executed in two or more counterparts, each of which shall constitute an
original, but all of which, when together shall constitute but one and the same
instrument, and shall become effective when one or more counterparts have been
signed by each party hereto and delivered to the other parties. In lieu of the
original, a facsimile transmission or copy of the original shall be as effective
and enforceable as the original.

               Section 12. Remedies/Severability. The remedies provided in this
Agreement are cumulative and not exclusive of any remedies provided by law. If
any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth
herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their best efforts to
find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction.

               Section 13. Conflicting Agreements. The Company shall not enter
into any agreement with respect to its securities that is inconsistent with the
rights granted to the holders of Registrable Securities in this Agreement or
otherwise prevents the Company from complying with all of its obligations
hereunder.

               Section 14. Headings. The headings in this Agreement are for
reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

                                       12
<PAGE>

               Section 15. Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York applicable to
contracts made in New York by persons domiciled in New York City and without
regard to its principles of conflicts of laws. The Company and each of the
Investors agree to submit themselves to the in personam jurisdiction of the
state and federal courts situated within the Southern District of the State of
New York with regard to any controversy arising out of or relating to this
Agreement. The non-prevailing party to any dispute hereunder shall pay the
expenses of the prevailing party, including reasonable attorneys' fees, in
connection with any such dispute.

                           ***************************

                                       13
<PAGE>

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed, as of the date first set forth above.

                                  ACRES GAMING INCORPORATED

                                  By: /s/ Patrick W. Cavanaugh
                                      ----------------------------------------
                                      Patrick W. Cavanaugh, Senior
                                      Vice-President, CFO

                                  INVESTORS:

                                  RIVERVIEW GROUP, LLC

                                  By: /s/ Terry Feeney
                                      ----------------------------------------
                                  Name: Terry Feeney
                                  Title: Chief Operating Officer

                                  OMICRON PARTNERS, LP

                                  By: Omicron Capital L.P., as subadvisor
                                  By: Omicron Capital Inc., it general partner

                                  By: /s/ Olivier Morali
                                      ----------------------------------------
                                      Olivier Morali, President

                                  DEEPHAVEN PRIVATE PLACEMENT
                                  TRADING LTD.

                                  By: /s/ Bruce Lieberman
                                      ----------------------------------------
                                  Name: Bruce Lieberman
                                  Title: Director Private Placement Trading

                                       14

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