The music video, which was shot on March 30, 2019, at Mohegan Sun in the hours leading up to a concert scheduled that night, was released alongside the single, and was directed by Alfredo Flores and Ricky Alvarez.

[2][3][4] "Monopoly" was included on the Japanese deluxe edition of Grande's fifth studio album Thank U, Next (2019) as a bonus track, along with the official remix of "7 Rings" featuring 2 Chainz.

"[9] "Monopoly" is a trap-pop song, leading Uproxx writer Chloe Gilke to call it the "spiritual successor" to Grande's single "7 Rings" which Monét also co-wrote.

[11] Grande also sings "Even though we gave up that 90%", referencing the fact that she had to give up 90% of the royalties for "7 Rings" to Rodgers and Hammerstein due to interpolating the melody of The Sound of Music's "My Favorite Things".

[15][16][17] Broadly writer Gabrielle Alexa criticized the accusations, stating "the act of speculating only perpetuates attitudes that contribute to the erasure of bisexual women.