Honestly water is fine. We've all fixed water damage on wood, and if we've done a good job painting the damage is minimal. Most sprinkler heads I've seen are heat-activated, so your cabinets won't get wet unless they're on fire, anyway, and that's a time when you want water raining down.
The ultimate best protection is insurance. That's what insurance is for; you don't cover for the value you paid, you cover for the value you'd have to pay to replace everything, the replacement cost.
Insurance is far cheaper than halon or liquid co2 or anything you can rely on when you're not around except maybe sprinklers, and insurance (if you don't pick a crummy insurer) will always get you back where you were if you buy the coverage meant to do so. Insurance doesn't require permits or installation or training.
Every year I see the same houses, on the same river, flooded up to the 2nd story. I used to think the owners were stupid, now I just think they have good insurance (and/or are good at insurance fraud.)
The above text is all for homes; if it's an actual arcade you're speaking of, open to the public, you're probably required to have sprinklers and insurance, anyway. And, if you're not, I would invest in both regardless.