The Academy of Interactive Arts & Sciences nominated "Monopoly Tycoon" for its 2001 "Online Game Play of the Year" and "Outstanding Achievement in Game Play Engineering" awards, which ultimately went to "Return to Castle Wolfenstein" and "Grand Theft Auto III", respectively. "Monopoly Tycoon" was also a nominee for "Computer Gaming World"s 2001 "Best Strategy Game" award, although it lost to "". The editors presented "Monopoly Tycoon" with a special prize for the "Best Use of a License That Was Ignored", and wrote, "Blessed with great AI and gameplay, "Monopoly Tycoon" was probably the most pleasant surprise of the year."