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Williams initially was a manufacturer of pinball tables. In 1964 Williams was acquired by jukebox manufacturer Seeburg Corp. and reorganized as Williams Electronics Manufacturing Division. In 1973, the company branched out into the coin-operated arcade video game market with its Pong clone Paddle Ball. In 1974, Williams Electronics, Inc. was incorporated in Delaware as a wholly owned subsidiary of Seeburg and replaced the previous entity. In 1987, Williams changed its parent name to WMS Industries, Inc. when it made its public offering. WMS is a shortening of Williams, which it also selected for its NYSE ticker symbol. In 1988, it acquired competitor Bally/Midway, which it spun off in 1998, together with its video game business. It closed its pinball division in 1999.

WMS entered the reel-spinning slot machine market in 1994, and in 1996, it introduced its first hit casino slot machine, Reel ‘em In, a "multi-line, multi-coin secondary bonus" video slot machine. It followed this with a number of similar games like Jackpot Party, Boom and Filthy Rich. By 2001, it introduced its Monopoly-themed series of "participation" slots. Since then, WMS Gaming has continued to obtain licenses to manufacture gaming machines using several additional famous brands, including Top Gun, The Wizard of Oz, Star Trek and The Lord of the Rings. The company continues to sell gaming machines and to market its participation games. It has been profitable in recent years.