Thunderkick

What Thunderkick does

Thunderkick is an independent Swedish casino game studio founded in Stockholm in 2012 that designs, develops, and licenses video slot games to licensed online casino operators in regulated markets. All production — game mathematics, art, sound, logic, and account management — is performed in-house by a team of nearly 100 employees, with no outsourcing, which the company positions as a core differentiator against AI- and outsource-dependent competitors. The portfolio spans 100+ games built on proprietary mechanics including Avalanche cascades, Cluster Pays, Occurrence Pay, Walking Wilds, Exploding Wilds, and tiered multiplier systems, organised around franchise IPs such as Esqueleto Explosivo, Midas Golden Touch, Pink Elephants, The Wildos, Beat the Beast, and Carnival Queen. In September 2025 the studio extended beyond slots with Heads Will Roll, a crash/arcade game with dice mechanics.

The business operates as a B2B supplier: operators integrate Thunderkick's games into their casino platforms and pay licensing fees or revenue share, distributed through direct enterprise partnerships (DAZN Bet, Bally's, Entain, Veikkaus, PointsBet, Rushbet, JACKS.NL) and aggregator channels (Bragg, EveryMatrix, Elantil). The studio is licensed by the UK Gambling Commission, Malta Gaming Authority, Swedish Spelinspektionen, Ontario AGCO, and the Danish Gambling Authority (through 2029), and serves operators in nine jurisdictions including the UK, Italy, Sweden, Finland, Denmark, Netherlands, Romania, Spain, Ontario, and Colombia, with Italy and the UK identified as the most strategically important markets. Thunderkick AB and Thunderkick Malta Ltd are privately held, wholly owned by founders and management, and have never taken external investment, funding growth entirely from operating cash flow since incorporation.

Name

Thunderkick

Legal name

Thunderkick AB

Website

https://thunderkick.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Thunderkick is an independent Stockholm-based B2B slot game studio founded in 2012 that designs, develops, and licenses 100+ proprietary video slot titles to licensed online casino operators across regulated European, North American, and Latin American markets.

Ownership category

akta.pro rank

Product category

Online Slot Games (iGaming)

NAICS

Other Gambling Industries (71329)

akta.pro primary industry

Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer) (MPAEABAJ)

Keywords

• Online slot games
• IGaming content provider
• Casino game studio
• Slot machine developer
• Remote gaming server

Headquarters

HQ city

Sweden

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. B2B Game Licensing: Thunderkick develops slot games and licenses them to online casino operators. Operators integrate Thunderkick's games into their platforms, paying licensing fees or revenue share arrangements. The company operates as a B2B supplier to regulated gambling operators globally.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Thunderkick is an independent iGaming studio that designs, develops, and licenses video slot games and remote gaming server technology to licensed online casino operators. All production — mathematics, art, sound, game logic, and engineering — is done in-house in Stockholm. The studio supplies a catalogue of 100+ distinct slot titles and franchise brands, plus a debut crash game, to operators across regulated markets worldwide.

Product overview

Thunderkick is an independent video slot game studio founded in Stockholm in 2012, producing over 100 games. The company operates as a unified studio with all production (game design, art, sound, mathematics, logic) done in-house. The core product portfolio centers on video slots featuring distinctive themes, bold art styles, and innovative mechanics including cluster pays, avalanche features, walking wilds, and expanding reels. Thunderkick has developed several established franchises including the Esqueleto Explosivo series (Day of the Dead mariachi skeletons), Midas Golden Touch series (King Midas legend), Pink Elephants series (psychedelic jungle), The Wildos series (Old Western outlaws), Beat the Beast series (mythological creatures), and Carnival Queen series. In 2025, the company expanded into new product verticals with the launch of Heads Will Roll, its debut crash game combining arcade and dice mechanics. Games are distributed through commercial partnerships with operators and aggregators across regulated markets including the UK, Malta, Italy, Netherlands, Sweden, Finland, Denmark, Romania, Spain, Colombia, and Ontario, Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• Heads Will Roll Crash-style game with die-based multiplier ladder set in an underground vault; supplied to online casino operators for player engagement.
• 3 Wildos Old Western-themed slot sequel expanding the Wildos franchise with up to 10,000x win potential for licensed casino operators.
• Midas Golden Touch 3 Greek mythology-themed slot continuing the King Midas franchise; offers licensed casino operators high-volatility gameplay with bonus mechanics.
• The Wildos 2 Western outlaws-themed slot sequel with tiered wild multipliers and bounty mechanics; supplied to online casino operators.
• Pink Elephants Trinity Pink Elephants franchise sequel with psychedelic jungle theme and peanut-powered mechanics; sold to regulated operators.
• Carnival Queen 2 Carnival-themed slot sequel with expanding reels and avalanche mechanics; licensed to online casino operators.
• Archie O'Loggins and the Enchanted Masks

Quantifiable outcome

• 100+ games released since 2012
• +1 more outcomes

Named customers15 records

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

17 partnerships are on record, tiered core, major and minor.

• DAZN Bet ItalycoreChannel Partner/ Reseller/ Distributor · 12 June 2026Thunderkick partnered with DAZN Bet Italy to expand reach in Italy, one of Thunderkick's most important markets. Initial integration includes 20 Thunderkick titles including Esqueleto Explosivo 2, Esqueleto Explosivo 3, and Midas Golden Touch 3. DAZN Bet forms part of DAZN Group, the global sports entertainment platform.
• Bally's InternationalcoreChannel Partner/ Reseller/ Distributor · 23 March 2026Partnership to strengthen Thunderkick's UK presence. Bally's is a major international casino operator.
• EntaincoreChannel Partner/ Reseller/ Distributor · 28 December 2025Partnership to significantly strengthen Thunderkick's position in Italy through the rollout of content with Entain, a major global betting and gaming operator.
• PointsBet (Ontario)coreChannel Partner/ Reseller/ Distributor · 15 December 2025Thunderkick took significant step in strengthening North American market position through Ontario market entry with PointsBet.
• 777.esmajorChannel Partner/ Reseller/ Distributor · 10 December 2025Deepened existing collaboration with prominent European operator 777, extending reach in Spain.
• Betty (Ontario)coreChannel Partner/ Reseller/ Distributor · 10 September 2025Ontario-based operator partnership to supply rapidly growing online casino with diverse collection of titles. Betty is official partner of Toronto Maple Leafs and Toronto Raptors.
• E-Play24majorChannel Partner/ Reseller/ Distributor · 3 September 2025Partnership with leading Italian operator E-Play24 to further strengthen Thunderkick's position in Italy.
• MaxBetmajorChannel Partner/ Reseller/ Distributor · 26 June 2025Extended reach in Romania through partnership with leading operator MaxBet.
• Elantil MarketplaceminorChannel Partner/ Reseller/ Distributor · 11 June 2025Thunderkick content integrated into Elantil Marketplace, made available to Elantil's operator network.
• VeikkauscoreChannel Partner/ Reseller/ Distributor · 15 April 2025Finnish market entry through state-owned gambling company Veikkaus. Partnership facilitated by EveryMatrix aggregator. Games including Esqueleto Explosivo 2, Hot Potato, and Midas Golden Touch made available to Finnish players.
• DomusbetmajorChannel Partner/ Reseller/ Distributor · 9 April 2025Partnership with Italian operator Domusbet extending reach in European market. Thunderkick committed to market penetration with dedicated native Italian account manager.
• JACKS.NLmajorChannel Partner/ Reseller/ Distributor · 27 February 2025Deal with JACKS.NL (JVH Gaming & Entertainment Group) to provide popular titles including Esqueleto Explosivo 3 and The Wildos 2. JACKS.NL operates 86 land-based casinos in Netherlands.
• Rushbet (Rush Street Interactive)majorChannel Partner/ Reseller/ Distributor · 13 February 2025Partnership with Rush Street Interactive's Rushbet brand for Latin American expansion in Colombia. One of Colombia's top online casinos and sportsbooks.
• NetwinmajorChannel Partner/ Reseller/ Distributor · 28 January 2025Content launch with leading Italian operator Netwin to enhance Thunderkick's standing in Italy. Netwin has diversified content for over a decade.
• 711.nlminorChannel Partner/ Reseller/ Distributor · 9 December 2024Netherlands expansion through aggregator Bragg. 711.nl is a Dutch online casino brand.
• Danish Gambling AuthoritycoreOthers · 3 December 2024Obtained Danish supplier licence extending Danish content provision to 2029.
• CasinoManiamajorChannel Partner/ Reseller/ Distributor · 9 October 2024Partnership for Italian market expansion targeting commercial opportunities in Italian slots market.

Scale indicators5 records

Recent moves16 records

Expansion highlights6 records

Direct peers

• Play'n GO: Swedish-founded independent slot studio with similar size and B2B licensing model to online casino operators globally. Closely comparable as both compete for the same operator shelf space with premium slot content.
• Yggdrasil Gaming: iGaming content publisher producing video slots for online casino operators with proprietary mechanics (GEMs, Splitz). Direct competitor in the B2B slot supply market with similar operator-driven GTM motion.
• ELK Studios: Stockholm-based independent slot studio producing premium slot content for regulated online casino operators. Highly comparable as a Nordic-headquartered peer of similar scale competing in the same content category.
• Push Gaming: Independent B2B slot game developer focused on premium mobile-first slot content for online casino operators. Comparable as a similarly sized independent studio with a portfolio of original IP.
• Nolimit City: Stockholm-based slot studio producing high-volatility slot content with proprietary mechanics (xMechanics). Direct competitor serving the same operator customer base with similar product positioning.
• Hacksaw Gaming: iGaming content studio producing slots, scratch cards, instant win, and crash-style games. Closely comparable as both have expanded from slots into crash/instant-win verticals and target online casino operators.
• Big Time Gaming: Slot studio and originator of the Megaways mechanic, now part of Evolution. Direct competitor in premium slot content licensing to operators with similar mechanic-driven product philosophy.
• Quickspin: Stockholm-based slot studio (acquired by Playtech) producing premium slot games for online casino operators. Highly comparable Nordic peer competing in the same premium slot segment.

Broad incumbents

• Pragmatic Play: One of the largest multi-vertical iGaming content providers with slots, live casino, bingo, and crash games. Wider portfolio and larger scale, but directly overlaps Thunderkick in slot content supply to operators.
• Evolution (NetEnt): Dominant iGaming content group including NetEnt, Red Tiger, and Big Time Gaming. Direct overlap in slot content supply though operating at substantially larger scale across multiple verticals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/thunderkick
• Xx.com/ThunderkickAB

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Thunderkick