In a 1976 poll conducted by SPI to determine the most popular board wargames in North America,
Waterloo only placed 136th out of 202 games. In the 1980 book
The Complete Book of Wargames, game designer
Jon Freeman commented "
Waterloo is the spiritual progenitor of all the operational Napoleonic-era simulations. It is first and foremost a
game, and French combat factors were modified for play balance." Freeman concluded by giving the game an Overall Evaluation of Good, saying, "While it is seriously lacking in realism, the game captures something of the feel of the period and remains fun to play." In
The Guide to Simulations/Games for Education and Training, Martin Campion commented "Among avid players of wargames,
Waterloo is known as a 'classic', which means that it has little claim to historical accuracy but that it is old and fun to play." In a retrospective reviews in Issue 52 of the wargaming magazine
Moves (August–September 1980), Ian Chadwick noted that the 18-year-old game "is a far cry from state-of-the-art ... As with many early wargames, the map leaves much to be desired." Chadwick also believed "There is little historical accuracy in either map set-up or counters ... this was the first of many Waterloo games in which opposing armies formed more or less solid fronts across the board, quite unlike the real battle and more WW2 than Napoleonic." Despite these problems, Chadwick concluded "Despite the lack of realism, the boring graphics, and the distance the game is removed from reality, it is still playable, balanced game. It is hard to be seriously angry at one of the grandfathers of modern wargames." Chadwick awarded grades of B− for playability, C for historical accuracy, and D for component quality. In Issue 7 of the French games magazine
Casus Belli, Henri Gregoire wrote a retrospective review twenty years after the game's original publication and admitted "It is a classic and is of interest only to the collector. The map, which is far from perfect as in most old games, and a very 'approximately' historical simulation, are the main criticisms." Despite this, Gregoire concluded, "But it is a well-balanced game, pleasant to play." Henry Lowood, writing in
Zones of Control: Perspectives on Wargaming, noted that for its early games, Avalon Hill did not develop a house set of rules to be used and reused in different games. On the contrary,
Waterloo and other early Avalon Hill games "stood alone, covering a single conflict situation with a bespoke system, components and rules. They were fixed on a single topic." ==Other recognition==