Hacksaw Gaming, provider of Slots, Crash and Instant

History and origin of Hacksaw Gaming

Hacksaw Gaming is a Swedish-Maltese studio producing content for online casino, founded in 2017 with operational headquarters in Zebbug, Malta. It launched commercially in 2018 with a line of digital scratchcards under a Maltese licence, expanded into signature video slots in 2020 and in 2025 completed its listing on Nasdaq Stockholm under the ticker HACK, a milestone that lifted it from independent studio to publicly traded content provider with global reach.

Own visual style and slot catalogue

Hacksaw Gaming's aesthetic signature is built around flat vector illustrations, saturated palettes and short animations, a recognisable language that sets its catalogue apart from the rest of the market. On top of that foundation, the studio has developed slots with high-volatility mechanics and extreme multipliers that gained traction with crypto operators and in regulated markets.

• Chaos Crew and Chaos Crew 2, flagship series with a 20,000x potential on the first title
• Wanted Dead or a Wild, a western slot with three independent bonuses and a 12,500x cap
• Le Bandit, a bank-heist slot with Lock n Load mechanics and a 20,000x ceiling
• Hand of Anubis, Toshi Video Club, Hop'N'Pop, Cash Compass and Beast Mode anchor the catalogue
• More than 100 proprietary titles released in just five years of active development

Scratchcards and instant win games

Before slots, Hacksaw Gaming built its reputation on digital scratchcards and an instant win line crafted for short mobile sessions. The catalogue blends classic scratchcards with instant payouts and match-3, pyramid and themed scratch mechanics that plug in as a complementary vertical to slots, broadening the offering for operators that want product diversification beyond traditional slots.

OpenRGS, remote gaming server for third parties

The studio runs OpenRGS, its proprietary Remote Gaming Server, which distributes not only its in-house catalogue but also games from third-party studios integrated on the platform. That infrastructure positions Hacksaw as a B2B distribution channel, giving operators unified access to an extended portfolio without having to integrate each provider separately.

Licences and regulated markets

Hacksaw Gaming operates with a broad network of licences and approvals that supports its presence in mature markets and in newly regulated jurisdictions.

• Malta Gaming Authority B2B licence
• UK Gambling Commission licence secured in 2019
• Isle of Man Gambling Supervision Commission authorisation
• Licences in Denmark, Sweden, Spain, Italy, Romania and Greece
• Live in the US states of New Jersey, Michigan, West Virginia and a provisional licence in Pennsylvania
• Authorisation in Ontario, Canada, with expansion planned into Alberta

Awards and recognition

Chaos Crew 2 was named Game Feature of the Year at the 2024 Game Developer Awards hosted by SBC, a recognition that validated the creative-mechanic focus the studio is known for. Across the industry, Hacksaw Gaming earns recurring mentions in rankings of top crypto slot providers and in year-end lists of best games published by trade media and operators.

Rapid expansion in Brazil

Brazil has become the spearhead of Hacksaw Gaming's Latin American strategy following the 2025 regulatory opening. In August 2026 the studio announced a partnership with Esportes da Sorte, and in September 2026 it closed a deal with Brazino777, two of the local operators with the heaviest marketing presence in the Brazilian market. The strategy pairs globally proven content with a direct commercial push to operators holding a national Brazilian licence.

Nasdaq Stockholm listing

In June 2025 Hacksaw Gaming completed its listing on Nasdaq Stockholm under the ticker HACK, with a placement of up to 50 million shares at 77 Swedish kronor, valuing the company at roughly 22 billion kronor, close to 2.3 billion dollars. The offering drew more than 16,000 investors and turned the studio into the first pure casino content studio listed on the Swedish exchange.

Financial profile and scale

Published results point to sustained growth with operating margins that are rare in the casino content industry.

• 2024 revenue of 137 million euros, more than double the 67 million recorded in 2023
• EBIT margin of 84 percent on 2024 revenue
• Q1 2025 revenue of 45 million euros, a 71 percent year-on-year increase
• 2025 guidance above 180 million euros in revenue

Operational fit for operators

For operators targeting high-volatility players and crypto audiences, Hacksaw Gaming delivers a catalogue with a unique visual identity, aggressive mathematics and extreme payout ceilings. The mix of licences in premium regulated markets, a growing Latin American presence through Brazilian-licensed operators, financial backing as a listed company and the proprietary OpenRGS platform makes it a fit for operators seeking differentiation in the slots vertical without sacrificing regulatory validation.