<PAGE>   1



    AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 14, 1997
                                                  REGISTRATION NO. 333-_________

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                    INNOVATIVE GAMING CORPORATION OF AMERICA
            (Exact name of Registrant as specified in its charter)

                                   MINNESOTA
                 (State or other jurisdiction of incorporation)

                                   41-1713864
                       (IRS Employer Identification No.)

                               4750 TURBO CIRCLE
                              RENO, NEVADA  89502
                    (Address of principal executive offices)

                    1992 STOCK OPTION AND COMPENSATION PLAN
                              (FULL TITLE OF PLAN)

                              EDWARD G. STEVENSON
                    INNOVATIVE GAMING CORPORATION OF AMERICA
                               4750 TURBO CIRCLE
                              RENO, NEVADA  89502
                                 (702) 823-3000
           (NAME, ADDRESS AND TELEPHONE NUMBER OF AGENT FOR SERVICE)

                                   COPIES TO:

                             DOUGLAS T. HOLOD, ESQ.
                         MASLON EDELMAN BORMAN & BRAND,
                  A PROFESSIONAL LIMITED LIABILITY PARTNERSHIP
                              3300 NORWEST CENTER
                          MINNEAPOLIS, MN  55402-4140
                                 (612) 672-8200

<TABLE>
<CAPTION>
                        CALCULATION OF REGISTRATION FEE
================================================================================================================
TITLE                                              PROPOSED MAXIMUM      PROPOSED MAXIMUM
OF SECURITIES TO BE             AMOUNT TO BE       OFFERING PRICE        AGGREGATE               AMOUNT OF
REGISTERED                      REGISTERED         PER SHARE(1)          OFFERING PRICE(1)     REGISTRATION FEE
----------------------------------------------------------------------------------------------------------------
<S>                             <C>                <C>                   <C>                   <C>
Common Stock                   250,000 additional  $4.875                $1,218,750            $420.26  
($.01 par value                shares
per share)                            
================================================================================================================
</TABLE>

(1) Estimated solely for purposes of computing the registration fee in
    accordance with Rule 457(h) and based upon the average of the high and low
    prices of the Common Stock on the NASDAQ National Market System on October
    9, 1997.







                                 Page 1 of 9
<PAGE>   2








                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3. Incorporation of Documents by Reference.

     The following documents filed by the Registrant with the Securities and
Exchange Commission are incorporated herein by reference and made a part
hereof:

     (a) The contents of Registration Statement on Form S-8 No. 333-06669,
filed on June 24, 1996.

     (b) The contents of the Registrant's Form 10-K for the fiscal year ended
December 31, 1996 and the amendment thereto on Form 10-K/A filed June 4, 1997.

     (c) The contents of the Registrant's Form 10-Q for the first quarter ended
March 31, 1997 and the Registrant's Form 10-Q for the second quarter ended June
30, 1997.

     (d) The contents of the Registration Statement on Form S-3 No. 333-25481,
initially filed on June 7, 1997.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.

Item 6. Indemnification of Directors and Officers.

     The Registrant is governed by Minnesota Statutes Chapter 302A.  Minnesota
Statutes Section 302A.521 provides that a corporation shall indemnify any
person made or threatened to be made a party to any proceeding by reason of the
former or present official capacity of such person against judgments, penalties,
fines, including, without limitation, excise taxes assessed against such person
with respect to an employee benefit plan, settlements, and reasonable expenses,
including attorney's fees and disbursements, incurred by such person in
connection with the proceeding, if, with respect to the acts or omissions of
such person complained of in the proceeding, such person has not been
indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; acted in good faith;
received no improper personal benefit and Section 302A.255, if applicable, has
been satisfied; in the case of a criminal proceeding, had no reasonable cause to
believe the conduct was unlawful; and in the case of acts or omissions by
persons in their official capacity for the corporation, reasonably believed that
the conduct was in the best interests of the corporation, or in the case of acts
or omissions by persons in their capacity for other organizations, reasonably
believed that the conduct was not opposed to the best interests of the
corporation.
        



                                 Page 2 of 9
<PAGE>   3



Item 8. Exhibits.

     5.     Opinion of Maslon Edelman Borman & Brand, a Professional Limited
            Liability Partnership
     23(1). Consent of Arthur Andersen LLP
     23(2). Consent of Maslon Edelman Borman & Brand, a Professional
            Limited Liability Partnership (contained in Exhibit 5).
     24.    Power of Attorney (included on Page 5).

Item 9.     Undertakings.

                 The undersigned Registrant hereby undertakes:

     (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement;

       (i) To include any prospectus required by Section 10(a)(3) of the
  Securities Act of 1933;

       (ii) To reflect in the prospectus any facts or events arising after
  the effective date of the registration statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate,
  represent a fundamental change in the information set forth in the
  registration statement.  Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any
  deviation from the low or high and of the estimated maximum offering range may
  be reflected in the form of prospectus filed with the Commission pursuant to
  Rule 424(b) if, in the aggregate, the changes in volume and price represent no
  more than 20 percent change in the maximum aggregate offering price set forth
  in the "Calculation of Registration Fee" table in the effective registration
  statement.
        
       (iii) To include any material information with respect to the plan of
  distribution not previously disclosed in the registration statement or any
  material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

     (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

     (3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.



                                 Page 3 of 9
<PAGE>   4

     The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

     Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.























                                 Page 4 of 9



<PAGE>   5

                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Reno, State of Nevada, on October 10, 1997.

                                      INNOVATIVE GAMING CORPORATION OF AMERICA
                                       Registrant
 
                                      By s/ Edward G. Stevenson
                                        --------------------------------------
                                            Edward G. Stevenson
                                            President (Chief Executive Officer)







                                 Page 5 of 9
<PAGE>   6



                               POWER OF ATTORNEY

     We, the undersigned officers and directors of Innovative Gaming
Corporation of America, hereby severally constitute Scott H. Shackelton, our
true and lawful attorney with full power to him, to sign for us and in our
names, in the capacities indicated below the registration statement filed
herewith and any amendments to said registration statement, and generally to do
all such things in our name and behalf in our capacities as officers and
directors to enable Innovative Gaming Corporation of America to comply with the
provisions of the Securities Act of 1933 as amended, and all requirements of
the Securities and Exchange Commission, hereby ratifying and confirming our
signatures as they may be signed by our said attorneys, or any of them, to said
registration statement and any and all amendments thereto.

     Pursuant to the requirements of the Securities Exchange Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the date indicated.


NAME                    TITLE                                          DATE
----                    -----                                          ----

s/ Edward G. Stevenson  
----------------------  President, Chief Executive Officer      October 10, 1997
Edward G. Stevenson     and Director (principal executive
                        officer)


 s/ Lyle Berman         Director                                October 10, 1997
----------------------
Lyle Berman


 s/ Paul A. Bible       Director                                October 10, 1997
----------------------
Paul A. Bible

 
                        Director                                October 10, 1997
----------------------
Ronald R. Zideck


s/ Scott H. Shackelton  Chief Financial Officer                 October 10, 1997
----------------------  (principal accounting officer)
Scott H. Shackelton     






                                 Page 6 of 9
<PAGE>   7



                                    EXHIBITS

Exhibit Number                Description of Exhibit                    Page No.
--------------                ----------------------                    --------

5.                  Opinion of Maslon Edelman Borman & Brand, a            
                    Professional Limited Liability Partnership             7
23A.                Consent of Arthur Andersen LLP                         8
23B.                Consent of Maslon Edelman Borman & Brand, a            
                    Professional Limited Liability Partnership             
                    (contained in Exhibit 5).                              7
24.                 Power of Attorney (included on Page 5).                5








                                 Page 7 of 9
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{"company-data": {"conformed-name": "INNOVATIVE GAMING CORP OF AMERICA", "cik": "0000897795", "assigned-sic": "3990", "irs-number": "411713864", "state-of-incorporation": "MN", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-37815", "film-number": "97695132"}, "business-address": {"street1": "4750 TURBO CICLE", "street2": "SUITE 60", "city": "RENO", "state": "NV", "zip": "89502", "phone": "7028233000"}, "mail-address": {"street1": "4750 TURBO CIRCLE", "street2": "SUITE 60", "city": "RENO", "state": "NV", "zip": "89502"}}
1

    AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 14, 1997
                                                  REGISTRATION NO. 333-_________

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
            REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

                    INNOVATIVE GAMING CORPORATION OF AMERICA
            (Exact name of Registrant as specified in its charter)

                                   MINNESOTA
                 (State or other jurisdiction of incorporation)

                                   41-1713864
                       (IRS Employer Identification No.)

                               4750 TURBO CIRCLE
                              RENO, NEVADA  89502
                    (Address of principal executive offices)

                    1992 STOCK OPTION AND COMPENSATION PLAN
                              (FULL TITLE OF PLAN)

                              EDWARD G. STEVENSON
                    INNOVATIVE GAMING CORPORATION OF AMERICA
                               4750 TURBO CIRCLE
                              RENO, NEVADA  89502
                                 (702) 823-3000
           (NAME, ADDRESS AND TELEPHONE NUMBER OF AGENT FOR SERVICE)

                                   COPIES TO:

                             DOUGLAS T. HOLOD, ESQ.
                         MASLON EDELMAN BORMAN & BRAND,
                  A PROFESSIONAL LIMITED LIABILITY PARTNERSHIP
                              3300 NORWEST CENTER
                          MINNEAPOLIS, MN  55402-4140
                                 (612) 672-8200
CALCULATION OF REGISTRATION FEE
================================================================================================================
TITLE                                              PROPOSED MAXIMUM      PROPOSED MAXIMUM
OF SECURITIES TO BE             AMOUNT TO BE       OFFERING PRICE        AGGREGATE               AMOUNT OF
REGISTERED                      REGISTERED         PER SHARE(1)          OFFERING PRICE(1)     REGISTRATION FEE
----------------------------------------------------------------------------------------------------------------
Common Stock                   250,000 additional  $4.875                $1,218,750            $420.26  
($.01 par value                shares
per share)                            
================================================================================================================
(1) Estimated solely for purposes of computing the registration fee in
    accordance with Rule 457(h) and based upon the average of the high and low
    prices of the Common Stock on the NASDAQ National Market System on October
    9, 1997.

                                 Page 1 of 9
2

                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

     The following documents filed by the Registrant with the Securities and
Exchange Commission are incorporated herein by reference and made a part
hereof:

     (a) The contents of Registration Statement on Form S-8 No. 333-06669,
filed on June 24, 1996.

     (b) The contents of the Registrant's Form 10-K for the fiscal year ended
December 31, 1996 and the amendment thereto on Form 10-K/A filed June 4, 1997.

     (c) The contents of the Registrant's Form 10-Q for the first quarter ended
March 31, 1997 and the Registrant's Form 10-Q for the second quarter ended June
30, 1997.

     (d) The contents of the Registration Statement on Form S-3 No. 333-25481,
initially filed on June 7, 1997.

     All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this Registration Statement and to be part
hereof from the date of filing of such documents.

Item 6. Indemnification of Directors and Officers.

     The Registrant is governed by Minnesota Statutes Chapter 302A.  Minnesota
Statutes Section 302A.521 provides that a corporation shall indemnify any
person made or threatened to be made a party to any proceeding by reason of the
former or present official capacity of such person against judgments, penalties,
fines, including, without limitation, excise taxes assessed against such person
with respect to an employee benefit plan, settlements, and reasonable expenses,
including attorney's fees and disbursements, incurred by such person in
connection with the proceeding, if, with respect to the acts or omissions of
such person complained of in the proceeding, such person has not been
indemnified by another organization or employee benefit plan for the same
expenses with respect to the same acts or omissions; acted in good faith;
received no improper personal benefit and Section 302A.255, if applicable, has
been satisfied; in the case of a criminal proceeding, had no reasonable cause to
believe the conduct was unlawful; and in the case of acts or omissions by
persons in their official capacity for the corporation, reasonably believed that
the conduct was in the best interests of the corporation, or in the case of acts
or omissions by persons in their capacity for other organizations, reasonably
believed that the conduct was not opposed to the best interests of the
corporation.
        

                                 Page 2 of 9
3

Item 8. Exhibits.

     5.     Opinion of Maslon Edelman Borman & Brand, a Professional Limited
            Liability Partnership
     23(1). Consent of Arthur Andersen LLP
     23(2). Consent of Maslon Edelman Borman & Brand, a Professional
            Limited Liability Partnership (contained in Exhibit 5).
     24.    Power of Attorney (included on Page 5).

Item 9.     Undertakings.

                 The undersigned Registrant hereby undertakes:

     (1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement;

       (i) To include any prospectus required by Section 10(a)(3) of the
  Securities Act of 1933;

       (ii) To reflect in the prospectus any facts or events arising after
  the effective date of the registration statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate,
  represent a fundamental change in the information set forth in the
  registration statement.  Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any
  deviation from the low or high and of the estimated maximum offering range may
  be reflected in the form of prospectus filed with the Commission pursuant to
  Rule 424(b) if, in the aggregate, the changes in volume and price represent no
  more than 20 percent change in the maximum aggregate offering price set forth
  in the "Calculation of Registration Fee" table in the effective registration
  statement.
        
       (iii) To include any material information with respect to the plan of
  distribution not previously disclosed in the registration statement or any
  material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

     (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.

     (3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.

                                 Page 3 of 9
4

     The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.

     Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.  In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.

                                 Page 4 of 9
5

                                   SIGNATURES

     Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized in the City of Reno, State of Nevada, on October 10, 1997.

                                      INNOVATIVE GAMING CORPORATION OF AMERICA
                                       Registrant
 
                                      By s/ Edward G. Stevenson
                                        --------------------------------------
                                            Edward G. Stevenson
                                            President (Chief Executive Officer)

                                 Page 5 of 9
6

                               POWER OF ATTORNEY

     We, the undersigned officers and directors of Innovative Gaming
Corporation of America, hereby severally constitute Scott H. Shackelton, our
true and lawful attorney with full power to him, to sign for us and in our
names, in the capacities indicated below the registration statement filed
herewith and any amendments to said registration statement, and generally to do
all such things in our name and behalf in our capacities as officers and
directors to enable Innovative Gaming Corporation of America to comply with the
provisions of the Securities Act of 1933 as amended, and all requirements of
the Securities and Exchange Commission, hereby ratifying and confirming our
signatures as they may be signed by our said attorneys, or any of them, to said
registration statement and any and all amendments thereto.

     Pursuant to the requirements of the Securities Exchange Act of 1933, this
registration statement has been signed below by the following persons in the
capacities and on the date indicated.

NAME                    TITLE                                          DATE
----                    -----                                          ----

s/ Edward G. Stevenson  
----------------------  President, Chief Executive Officer      October 10, 1997
Edward G. Stevenson     and Director (principal executive
                        officer)

 s/ Lyle Berman         Director                                October 10, 1997
----------------------
Lyle Berman

 s/ Paul A. Bible       Director                                October 10, 1997
----------------------
Paul A. Bible

 
                        Director                                October 10, 1997
----------------------
Ronald R. Zideck

s/ Scott H. Shackelton  Chief Financial Officer                 October 10, 1997
----------------------  (principal accounting officer)
Scott H. Shackelton     

                                 Page 6 of 9
7

                                    EXHIBITS

Exhibit Number                Description of Exhibit                    Page No.
--------------                ----------------------                    --------

5.                  Opinion of Maslon Edelman Borman & Brand, a            
                    Professional Limited Liability Partnership             7
23A.                Consent of Arthur Andersen LLP                         8
23B.                Consent of Maslon Edelman Borman & Brand, a            
                    Professional Limited Liability Partnership             
                    (contained in Exhibit 5).                              7
24.                 Power of Attorney (included on Page 5).                5

                                 Page 7 of 9