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Cramer: Spin the wheel on this stock?

(Click for video linked to a searchable transcript of this Mad Money segment)

Considering so many people love to feed quarters into those video slot machines, should you buy the stock of the largest company that makes them?

Perhaps.

International Game Technology is the leading manufacturer of casino gaming machines and Jim Cramer thinks there's a lot to like about this company.

As the maker of popular video casino games including "Wheel of Fortune Lucky 7's" and "Multi-Win Draw Poker", the company should stand to benefit as the economy recovers and more people visit casinos.

However, IGT is about much more than a bet on Las Vegas or Atlantic City or some other gambling destination.

Source: IGT

"IGT also has some exciting web initiatives, including DoubleDown, the social gaming play they bought last year that offers real online gambling," Cramer explained.

"Also, IGT offers casino style games on Facebook that are quite popular, even though no actual gambling is involved," he added

Over the long-term, Cramer thinks the company is facing some exciting opportunities. Of course, that's not to say investors should bet the farm. Not at all.

When IGT posted earnings about a month ago, the company missed Street estimates, badly.

Earnings per share, minus one-time charges, fell 21% to 30 cents in Q4 compared to the same quarter last year, missing analyst estimates by 4 cents a share on weak revenue from its slot machines.

On the news, investors ran for the exits. "They put the stock through the meat grinder," Cramer said.

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The "Mad Money" host, however, isn't as worried by results as those sellers.

Digging down into the release, Cramer has found that social gaming revenue climbed 72 percent to $61 million and the company shipped 11,500 replacement slot machines, up 35 percent over last year's fourth quarter.

Cramer likes those metrics as well as the leadership of CEO Patti Hart. All told, Cramer thinks IGT stock may be worth a look.

"I think the stock has already been punished for the earnings miss given that it's now selling for just 12.2 times next year's estimates with a 14.5% long-term growth rate—that's pretty cheap, especially as the stock also sports a solid 2.5% yield."

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