Hacksaw

What Hacksaw does

Hacksaw AB (publ) is a Swedish-headquartered B2B technology platform serving the global iGaming industry. Founded in 2018 and listed on Nasdaq Stockholm under ticker HACK since June 2025, the company develops and distributes online casino gaming content — primarily slot games — through a proprietary Remote Gaming Server (RGS) platform to gaming operators worldwide. The product portfolio combines in-house developed titles with content sourced from third-party studios, with 25 games launched in 2025.

The core technology is the proprietary RGS platform, which provides the infrastructure layer for distributing gaming content to B2B operator customers and is described as a differentiator on scale and reliability. Hacksaw serves iGaming operators (its primary customer segment) by integrating via the RGS and exposing its game catalogue through operator platforms to end users. The transaction-based revenue model converts operator end-user activity into platform revenue, and management reports high profitability margins.

Commercially, Hacksaw pursues geographic expansion through operator partnerships (e.g., Mozzartbet for Serbia and Romania) and regulatory licensing (e.g., Alberta, Canada approval in Q4 2025). Markets currently served include Sweden, Serbia, Romania, and Canada. The business model is asset-light in terms of customer acquisition — relying on B2B channel partnerships rather than direct consumer marketing — and the company has signaled capital return to shareholders through a proposed EUR 0.40 per share dividend and a buyback mandate of up to 10% of outstanding capital.

Name

Hacksaw

Legal name

Hacksaw AB

Website

https://hacksawgroup.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Hacksaw AB is a Sweden-headquartered B2B iGaming platform that develops and distributes online slot games through a proprietary Remote Gaming Server to gaming operators across regulated markets including Sweden, Serbia, Romania, and Canada.

Ownership category

akta.pro rank

Product category

B2B iGaming Software Platform

NAICS

Gambling Industries (7132), Other Gambling Industries (71329), Software Publishers (5132)

akta.pro primary industry

Game Aggregation, Content Distribution & RGS (Remote Game Servers) (MPAEAKAG)

akta.pro secondary industry

iGaming/Online Slot Content & Remote Game Servers (RGS) (MPAEAJAI)

Keywords

• B2B iGaming platform
• Remote gaming server
• Online slot games
• Casino content distribution
• Gaming operator technology

Headquarters

HQ city

Zebbug

HQ country

Malta

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. B2B iGaming Platform Revenue: Revenue generated from providing iGaming content and platform services to B2B operator customers. Driven by strong performance across B2B iGaming platform with high profitability margins.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Hacksaw operates a proprietary Remote Gaming Server (RGS) platform that distributes online slot game titles to B2B iGaming operators. The company develops slot games in-house and curates content from third-party studios, delivering the portfolio through partnerships with gaming operators across multiple regulated markets.

Product overview

Hacksaw is a B2B iGaming content provider and technology platform. The company operates a proprietary Remote Gaming Server (RGS) platform that powers its portfolio of slot games, which are developed both in-house and through partnerships with third-party studios. The platform delivers gaming content to B2B customers (gaming operators) across multiple markets including Serbia, Romania, and recently Alberta, Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• B2B iGaming Platform
• Remote Gaming Server (RGS)
• Slot Games

Quantifiable outcome

• 44% revenue growth to EUR 197.5 million in 2025
• +1 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• MozzartbetcoreChannel Partner/ Reseller/ Distributor · 10 March 2026Hacksaw Gaming extended its partnership with Mozzartbet to provide gaming titles to Mozzartbet customers in Romania. This agreement builds on an existing partnership in Serbia and marks the first time Hacksaw's slots will be available in Romania, expanding the company's European footprint.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Evolution AB: Evolution is the dominant B2B provider of live casino content and also owns slot studios (NetEnt, Red Tiger) operating on an RGS-style distribution model. It is the closest large-cap comparable to Hacksaw in terms of B2B iGaming content distribution to operators.
• Pragmatic Play: Pragmatic Play is a leading multi-product iGaming content provider (slots, live casino, bingo) distributing through operator partnerships globally. It competes directly with Hacksaw in the online slot and RGS distribution space.
• Play'n GO: Play'n GO is a Swedish-origin online slot developer and content distributor serving licensed operators worldwide. Comparable to Hacksaw in slot-game focus, B2B operator distribution, and Nordic industry footprint.
• Relax Gaming: Relax Gaming operates a B2B iGaming platform with proprietary and aggregated third-party slot content distributed to operators. Its RGS-and-aggregation model and operator-focused GTM closely mirror Hacksaw's approach.
• Yggdrasil Gaming: Yggdrasil is an iGaming content publisher and technology provider distributing slot games and platform solutions through B2B operator partnerships. It overlaps with Hacksaw in slot content, RGS technology, and operator distribution.
• Push Gaming: Push Gaming is an online slot developer that distributes its games to operators globally, including through aggregation partners. It is comparable to Hacksaw as a slot-focused B2B content provider targeting the same operator customer base.
• ELK Studios: ELK Studios is a Swedish-based online slot studio that distributes games via operator partnerships and aggregators. It is comparable to Hacksaw in slot development, Swedish origin, and B2B operator go-to-market.

Broad incumbents

• Light & Wonder: Light & Wonder is a large diversified gaming content and technology company with a significant iGaming segment (including SciPlay and iGaming aggregator/platform businesses). It is comparable as a broad incumbent operating in iGaming platforms and content distribution alongside Hacksaw's niche.
• Microgaming: Microgaming is a long-established iGaming software provider and one of the largest slot content aggregators and platform providers. Comparable to Hacksaw through its RGS and content aggregation distribution model serving B2B operators.
• Novomatic (Novoline / Greentube): Novomatic/Greentube is a major land-based and online gaming content provider with a strong European footprint in slots and platform technology. It is comparable as a broad incumbent operating in both retail and online slot content and RGS-style distribution to operators.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hacksaw-ab

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hacksaw