What Hacksaw Gaming does

Hacksaw Gaming is a Stockholm-listed (Nasdaq Stockholm: HACK) B2B iGaming supplier that develops and distributes online casino content to operators in regulated markets. The company produces a portfolio of 250+ slot games, 40+ scratchcards, and a Dare2Win™ instant-win vertical, with proprietary branded mechanics such as DuelReels™ and Hold & Win variants that have driven industry recognition including the Game Studio of the Year (Medium) award at SBC Awards Europe 2026.

All Hacksaw content is delivered through a proprietary Remote Gaming Server (RGS) platform that handles mathematical configuration, compliance, certification, and backend infrastructure for both first-party games and third-party studios. The OpenRGS platform extends this infrastructure to external game studios (10 partner studios as of mid-2026, including Good Times Studios, Aloha Gaming, Bullshark Games, Kitsune Studios, NowNow Gaming, and Jinx Gaming), which build game clients on Hacksaw's frontend framework and access its operator distribution network under a transparent revenue share model.

Hacksaw monetizes through B2B content licensing and revenue-share arrangements with online casino operators, generating €197.5M in FY2025 revenue (up 44% YoY) with an adjusted EBIT of €161.4M (~84% margin). Distribution spans 3,000+ operator brands across 35+ regulated markets via direct tier-1 integrations (Flutter, bet365, LeoVegas, BetMGM, Entain, Lottomatica, Betsson), aggregator channels (Relax Gaming, WhiteHat Gaming, EveryMatrix), and regionally licensed operators. The company holds MGA, UKGC, Hellenic, Isle of Man, and Connecticut licenses, and recently launched Hacksaw Ventures as an investment arm targeting early-stage gaming startups, including a minority stake acquisition in OpenRGS partner Jinx Gaming.

Name

Hacksaw Gaming

Legal name

Hacksaw Gaming Ltd.

Website

https://hacksawgaming.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Hacksaw Gaming is a B2B iGaming supplier developing slots, scratchcards, and instant-win games for online casino operators. Its proprietary Remote Gaming Server platform and OpenRGS distribution network deliver content to 3,000+ operators across 35+ regulated markets.

Ownership category

akta.pro rank

Product category

iGaming Software & Online Casino Games

NAICS

Gambling Industries (7132), Other Gambling Industries (71329)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

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

akta.pro secondary industries

Game Aggregation, Content Distribution & RGS (Remote Game Servers) (MPAEAKAG), Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer) (MPAEABAJ)

Keywords

• IGaming software
• Online slot games
• Scratchcard games
• Instant win games
• Remote gaming server

Headquarters

HQ city

Bukit Merah

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. B2B Content Licensing to Operators: Hacksaw Gaming licenses its portfolio of slots, scratchcards, and instant-win games to online casino operators. As a Nasdaq Stockholm-listed B2B iGaming supplier operating in regulated markets, revenue is generated through operator licensing agreements, revenue share arrangements, and game distribution fees. The company reported €137m revenue in 2024 with an 84% EBIT margin, growing to €197.5m full-year revenue in 2025 with 39% EBIT growth to €161.4m.
2. OpenRGS Platform Revenue Share: Partner studios building on the OpenRGS platform share revenue through a transparent revenue share model, with Hacksaw providing distribution across its operator network spanning 3,000+ casino brands in 35+ markets.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Hacksaw Gaming develops and supplies online casino games — slots, scratchcards, and instant-win titles — to B2B operators under its own brand and through the OpenRGS distribution platform for partner studios. All games are powered by a proprietary Remote Gaming Server (RGS) that handles mathematical configuration, regulatory compliance, certification, and multi-jurisdiction rollout across 35+ regulated markets and 3,000+ operator brands.

Product overview

Hacksaw Gaming is a premium B2B supplier of slots, scratchcards, and instant win games to the online gaming industry. The company operates as a single unified product portfolio powered by its industry-leading Remote Gaming Server (RGS) platform. The core product suite includes Slots (250+ titles with various mechanics like DuelReels™ and cluster wins), Scratchcards (40+ mobile-first titles with wins up to €1,000,000), and Instant Win games (Dare2Win™ configurable games). Supporting infrastructure includes OpenRGS, a Remote Gaming Server platform enabling third-party developers to build and distribute games through Hacksaw's network. The company also operates Hacksaw Ventures, an investment and acceleration arm for early-stage gaming companies. Games are distributed across 3,000+ operator brands in 35+ regulated markets worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• OpenRGS: Next-generation Remote Gaming Server platform allowing developers to build games using Hacksaw's frontend framework while Hacksaw provides backend functionality, math configuration, and compliance requirements. Features transparent revenue share model across 20+ regulated markets.
• Hacksaw Ventures

Products and services

• Slots

Quantifiable outcome

• Revenue of €197.5m in FY 2025, up 44% year-over-year from €137m in 2024
• +6 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

14 partnerships are on record, tiered core and minor.

• PASINO.chcoreChannel Partner/ Reseller/ Distributor · 24 June 2026Partnership with PASINO.ch (operated by Casino du Lac Meyrin SA, backed by Groupe Partouche) bringing Hacksaw Gaming's slot titles to the Swiss online casino market. PASINO.ch combines international game quality with Swiss-focused player experience.
• Casino.sicoreChannel Partner/ Reseller/ Distributor · 17 June 2026Partnership with Casino.si, operated by Casinò Portorož (dating back to 1913, Slovenia's oldest casino). Casino.si is Slovenia's only officially licensed online casino platform following a government concession awarded in 2025. Hacksaw Gaming gains access as the first licensed online casino in the Slovenian regulated market.
• MagicBetcoreChannel Partner/ Reseller/ Distributor · 9 June 2026Partnership to bring Hacksaw Gaming slot titles to MagicBet's platform in Bulgaria, marking Hacksaw Gaming's 17th live operator in the locally licensed Bulgarian market. MagicBet, founded in 1992 with 40+ gaming halls across major Bulgarian cities, operates under a licence from Bulgaria's National Revenue Agency and offers over 1,000 casino titles.
• BetArabiaminorChannel Partner/ Reseller/ Distributor · 29 May 2026Partnership marking Hacksaw Gaming's debut in Lebanon's locally licensed online gaming market. BetArabia distributes Hacksaw Gaming's slot titles to players in Lebanon.
• Swiss CasinoscoreChannel Partner/ Reseller/ Distributor · 18 May 2026Partnership bringing Hacksaw Gaming's slot portfolio to players via swisscasinos.ch. Swiss Casinos is the largest entirely Swiss-owned casino group, operating land-based casinos in Pfäffikon, St. Gallen, Zurich, and Winterthur, plus an online platform. Reported total revenue of CHF 207.1 million in 2025. This is Hacksaw's fourth live operator partnership in Switzerland's locally licensed market.
• Aloha GamingcoreTechnology or Integration · 12 May 2026Aloha Gaming joined the OpenRGS platform as a partner studio focused on delivering bold, true 3D slot experiences powered by innovative gameplay mechanics. Aloha Gaming's debut title Tikitopia Boosterbelt launched on OpenRGS in May 2026.
• WinnerBetminorChannel Partner/ Reseller/ Distributor · 7 May 2026Partnership expanding WinnerBet's digital portfolio with Hacksaw Gaming's catalogue of online slots and instant-win games in the Serbian market.
• SunbetminorChannel Partner/ Reseller/ Distributor · 6 May 2026Partnership bringing Hacksaw Gaming's innovative titles to players on the Sunbet operator platform in South Africa.
• RETABETminorChannel Partner/ Reseller/ Distributor · 22 April 2026Partnership bringing Hacksaw Gaming's slot titles to players across the Spanish and Peruvian markets via RETABET's operator platform.
• Good Times StudioscoreTechnology or Integration · 20 April 2026Good Times Studios joined OpenRGS as the tenth studio on the platform, launching their debut title Avalanche. Good Times Studios accesses Hacksaw's distribution network through the OpenRGS program.
• Acebet (Golden Frog Inc.)minorChannel Partner/ Reseller/ Distributor · 4 April 2026Acebet.co platform features 13 Hacksaw Gaming titles alongside Pragmatic Play games in its Slot Battles PvP product. Acebet is a crypto-native gaming platform licensed under Anjouan Offshore Financial Authority, supporting 12 cryptocurrencies and Web3 wallets.
• Jinx GamingcoreStrategic or Co-development Partner · 31 March 2026Hacksaw Ventures (investment arm of Hacksaw Gaming) acquired a minority stake in Jinx Gaming, a current partner studio on the OpenRGS platform. The deal includes an option to increase the stake and is designed to support Jinx Gaming's growth in developing innovative games while strengthening the OpenRGS ecosystem.
• Bonver WINminorChannel Partner/ Reseller/ Distributor · 16 March 2026Partnership via ISB (International Systems Bogdan) to distribute Hacksaw Gaming titles to players on bonvercasino.cz in the Czech Republic.
• MozzartbetminorChannel Partner/ Reseller/ Distributor · 10 March 2026Extended partnership with Mozzartbet in Romania, making top Hacksaw Gaming titles such as Le Bandit, Duel at Dawn, and Wanted Dead or a Wild available to Mozzartbet's Romanian customers.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Push Gaming: UK-based B2B slot studio with a portfolio of mobile-optimized high-volatility slots distributed via operators and aggregators — comparable to Hacksaw in mechanics-led slot design and tier-1 operator relationships.
• Relax Gaming: Malta-headquartered B2B slots and aggregation platform that both distributes its own games and acts as a third-party aggregator — direct competitor in slot content and a partner/aggregator channel for Hacksaw's games.
• Play'n GO: Swedish-origin online casino game studio supplying slots and table games to operators worldwide; comparable to Hacksaw in product mix (slots-led), B2B GTM, and emphasis on regulated market coverage across Europe and emerging US states.
• ELK Studios: Sweden-based slot studio with a focused portfolio of mobile-first slots featuring proprietary mechanics (X-iter, Avalanche) — comparable to Hacksaw in B2B slots distribution and emphasis on differentiated game features.
• Thunderkick: Stockholm-based independent slot studio supplying high-quality slots to operators in regulated markets — comparable to Hacksaw in size, product focus (slots-only), and Nordic roots.
• Big Time Gaming: Australian-origin slot studio famous for the Megaways™ mechanic — comparable to Hacksaw in B2B slots, proprietary mechanic IP, and tier-1 operator distribution (now owned by Evolution but operates as distinct slot brand).
• Yggdrasil Gaming: Malta/Sweden-headquartered slot and iGaming content supplier with a B2B GTM and regulated market focus — comparable to Hacksaw in portfolio breadth (slots + platform) and operator distribution model.
• Nolimit City: Malta-based high-volatility slot studio with proprietary mechanics (xMechanics, xNudge) — directly comparable to Hacksaw's DuelReels™ approach of building differentiated, high-volatility branded slots for operator lobbies.
• Pragmatic Play: One of the largest B2B iGaming content suppliers globally, producing slots, live casino, scratchcards, and bingo distributed to thousands of operators across 30+ regulated markets — directly comparable to Hacksaw Gaming's slots and instant-win portfolio and operator-led distribution model.

Broad incumbents

• Evolution Gaming: Dominant B2B supplier of live casino and slot content (post-NetEnt, Red Tiger, Big Time Gaming acquisitions). Overlaps with Hacksaw in slot distribution via Red Tiger and BTG, but Evolution is the broader incumbent across live dealer and slot verticals globally.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hacksawgaming
• Facebookfacebook.com/hacksawgamingofficial
• LinkedInlinkedin.com/company/hacksaw-gaming

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

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 Hacksaw Gaming