What Armadillo Studios does

Fantasma Games, the operating trade name of Armadillo Studios, is a Stockholm-based slot game development studio founded in 2016 that designs mobile-first, one-handed gambling slot titles for online casino operators. Its core product is a portfolio of proprietary slot games (including Bonus Bullets, Treble Riches, Elemento Dragons, Lost Mummy Treasures, Dragon Duello, Lucha Lucha Respin Rumble, and Hades Cerberus Riches) characterized by varied volatility profiles, multi-tier RTP configurations (typically 96.xx% / 94.xx% / 92.xx%), and standard slot features such as bonus rounds, free spins, multipliers, respins, buy feature, fixed prizepots, scatters, and wilds. The studio's underlying technology is conventional slot game development rather than AI-driven content generation.\n\nThe business operates on a B2B licensing/royalties model, distributing titles through EveryMatrix's SlotMatrix aggregation platform to a roster of major online gambling operators including BetMGM, DraftKings, Paddy Power, Unibet, Leo Vegas, Betsson, and Veikkaus. EveryMatrix serves as both the parent organization and infrastructure provider, supplying regulatory licensing under its MGA B2B licence (MGA/B2B/201/2011), aggregation, and compliance — removing the need for Fantasma to obtain standalone gambling licences. The studio also co-distributes titles from third-party developers TaDa Gaming and Powderkeg Studios within the same ecosystem, functioning partially as a content hub.\n\nFantasma positions itself around the tagline "Slots beyond gambling," emphasizing storytelling and entertainment-first slot design rather than purely transactional gambling content. The studio maintains a small team (approximately 5 employees) and operates an active 2026 product roadmap with seven new game releases scheduled between August and October 2026. Marketing reach is limited to a corporate LinkedIn presence, an email newsletter, and industry news releases, with the company's careers function redirected to EveryMatrix's HR portal — indicating structural integration with the parent.

Name

Armadillo Studios

Website

https://armadillostudios.com

Company type

Private

Founded year

2016

Operating status

Operating

Short description

Fantasma Games (Armadillo Studios) is a Stockholm-based B2B slot game studio founded in 2016, designing mobile-first slot titles for online gambling operators. It licenses games through EveryMatrix's SlotMatrix aggregation platform to operators such as BetMGM, DraftKings, and Paddy Power.

Ownership category

akta.pro rank

Product category

Online Casino Slot Games

NAICS

Gambling Industries (7132)

akta.pro primary industry

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

akta.pro secondary industries

iGaming/Online Slot Content & Remote Game Servers (RGS) (MPAEAJAI), Game Aggregation, Content Distribution & RGS (Remote Game Servers) (MPAEAKAG)

Keywords

• Online slot games
• Mobile slot development
• Casino game studio
• IGaming content provider
• B2B game licensing

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Game Licensing to Operators: Licensing slot games to online gambling operators and casino brands. Games are distributed through operator platforms and aggregation networks to end consumers (players).
2. EveryMatrix Aggregation Platform: Games aggregated through EveryMatrix SlotMatrix aggregation platform, reaching multiple operator brands and live brands globally.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Fantasma Games is a Stockholm-based game studio that designs and develops online slot games for the gambling industry, with a stated focus on one-handed mobile gameplay. The studio creates proprietary slot titles and distributes them to online casino operators via the EveryMatrix SlotMatrix aggregation platform, while also distributing select titles from partner studios such as TaDa Gaming and Powderkeg Studios.

Product overview

Fantasma Games is a single-product slot game studio that creates original gambling games for the online casino industry. The company develops a portfolio of proprietary slot titles (including Bonus Bullets, Treble Riches, Elemento Dragons, Lost Mummy Treasures, Dragon Duello, Lucha Lucha Respin Rumble, Coin Nonet Clover 3×3, and Hades Cerberus Riches) while also distributing games from third-party studios such as TaDa Gaming (Coin Nonet Lightning) and Powderkeg Studios (The Aztec Wheel). Games are distributed through operator partners including Paddy Power, Unibet, LeoVegas, BetMGM, Betsson, DraftKings, and Veikkaus, powered by the EveryMatrix aggregation platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Bonus Bullets Medium-high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.11% / 94.11% / 92.11%. Developed by Fantasma Games for online casino operators.
• Treble Riches Medium volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.50% / 94.50% / 92.50%. Developed by Fantasma Games for online casino operators.
• Elemento Dragons Low-medium volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, scatters, and wild symbols. Configurable RTP at 96.10% / 94.10% / 92.10%. Developed by Fantasma Games for online casino operators.
• Lost Mummy Treasures Medium-high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.50% / 94.50% / 92.50%. Developed by Fantasma Games for online casino operators.
• Dragon Duello Medium-high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.11% / 94.11% / 92.11%. Developed by Fantasma Games for online casino operators.
• Coin Nonet Lightning Very high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.50% / 94.50% / 92.50%. Developed by partner studio TaDa Gaming and distributed through Fantasma Games.
• Lucha Lucha Respin Rumble Medium-high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.50% / 94.50% / 92.50%. Developed by Fantasma Games for online casino operators.
• Coin Nonet Clover 3×3 Very high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.50% / 94.50% / 92.50%. Developed by partner studio TaDa Gaming and distributed through Fantasma Games.
• Hades Cerberus Riches Very high volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.11% / 94.11% / 92.11%. Developed by Fantasma Games for online casino operators.
• The Aztec Wheel High volatility slot game featuring bonus rounds, fixed prizepots, free spins, multipliers, respins, scatters, and wild symbols. Configurable RTP at 96.11% / 94.11% / 92.11%. Developed by partner studio Powderkeg Studios and distributed through Fantasma Games.

Named customers7 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• EveryMatrixcoreOEM/ Whitelabel/ Licensing PartnerEveryMatrix is the parent platform and licensing partner for Fantasma Games. EveryMatrix provides regulatory licensing (MGA), aggregation infrastructure (SlotMatrix), and distribution network for Fantasma's games. Fantasma Games is powered by EveryMatrix and operates within their ecosystem.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Pragmatic Play: One of the largest iGaming content providers, releasing high-volume slot titles to global online casino operators via aggregator and direct partnerships — the dominant benchmark Fantasma competes against for lobby real estate.
• Play'n GO: Swedish-headquartered slot studio supplying branded and original slot content to most major European and US online casinos, with a portfolio depth comparable in theme and mechanics to Fantasma's.
• Yggdrasil Gaming: Established slot and aggregator platform provider with a broad game portfolio and proprietary distribution technology, often competing with SlotMatrix-aggregated studios like Fantasma.

Direct peers

• Hacksaw Gaming: Mobile-first slot and instant-win studio with a similar product mix and channel-partner distribution approach, competing for the same operator lobby slots with mobile-optimized, feature-rich slots.
• Nolimit City: High-volatility, mechanic-driven slot studio with a comparable focus on differentiated math models and feature design, distributed to the same tier-1 operator base as Fantasma.
• Thunderkick: Stockholm-based boutique slot studio with a similar headcount scale and design-forward philosophy, supplying slot content to European operators via aggregators and direct deals.
• Push Gaming: Slot studio focused on mobile-first, high-quality content distributed to tier-1 operators through aggregators, with a similar emphasis on feature variety and game math flexibility.
• ELK Studios: Swedish slot studio with a comparable mid-size boutique footprint, mobile-optimized design ethos, and reliance on aggregator channels to reach European and US operator brands.
• Big Time Gaming: Slot studio known for patented mechanic innovation, licensing content to aggregators and directly to operators — comparable as a feature-driven boutique competitor within the same aggregator ecosystems Fantasma distributes through.
• TaDa Gaming: Slot studio whose games are explicitly co-distributed alongside Fantasma's via SlotMatrix, making it a directly comparable boutique content studio operating within the same aggregator and operator network.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/fantasma-games

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 Armadillo Studios