Hacksaw Gaming Hacksaw Gaming
A provider that started with scratch cards in 2018 and shifted to slots in 2019. It grew rapidly with Wanted Dead Or a Wild and Chaos Crew, and listed on Nasdaq Stockholm in 2025 at a valuation of about 2 billion euros.
| English | Hacksaw Gaming |
|---|---|
| Classification | Providers |
| Established | 2017 (began operating in 2018) |
| Headquarters | Gżira, Malta, and Sweden |
| CEO | Christoffer Källberg |
| Listing | June 25, 2025, Nasdaq Stockholm (HACK) |
| Listing valuation | About €2 billion (offer price 77 SEK) |
| Revenue (H1 2025) | €90.4 million (+61%) |
| Operating margin | About 82% |
| Licenses | Malta MGA, UK UKGC, Sweden, Denmark, Greece, Romania, Isle of Man, Ontario, multiple US states |
| Proprietary platform | OpenRGS |
| Distribution | 35+ regulated markets, 3,000+ operators |
| Signature titles | Wanted Dead Or a Wild, Chaos Crew, Le Bandit |
| Official site | hacksawgaming.com |
Overview
Hacksaw Gaming is a provider founded in 2017 that began operating in 2018. It is based in Ta’ Xbiex, Malta (Żebbuġ-area office) and Sweden. It started out modernizing online scratch cards, then pivoted to video slots in 2019 and grew rapidly.
Hacksaw’s slots make heavy use of cascading wins, multipliers, duel-style bonuses, and bonus buy, and are known for very high volatility and big max wins. It now supplies slots, scratch cards, and instant win games to more than 3,000 operators across over 35 regulated markets. It listed on Nasdaq Stockholm in June 2025.
History
Listing and results
Hacksaw’s parent company, Hacksaw AB, listed on Nasdaq Stockholm on June 25, 2025. The IPO price was 77 SEK per share (about €6.96), and it raised about €306 million by selling 43.5 million existing shares. Demand was strong, adding more than 16,000 new shareholders, and the company entered the large-cap market at a valuation of about €2 billion.
| Term | Revenue | Adjusted operating profit | Operating margin |
|---|---|---|---|
| Q2 2025 | €45.4 million (+53%) | €37.1 million (+45%) | 82% |
| H1 2025 | €90.4 million (+61%) | €74.4 million (+53%) | 82% |
In Q2 2025 alone it released 22 new games (11 in-house, 11 from external studios), and average daily rounds played rose 72% from a year earlier. The 82% operating margin is very high even for the gaming industry.
OpenRGS
Hacksaw runs its own remote game server (RGS), “OpenRGS.” Through this platform it distributes games directly to operators and also hosts and supplies games from other studios. As a result, many of its new releases are external studio games on the Hacksaw platform.
License
Based on licenses from the Malta MGA, UK UKGC, and the Swedish Gambling Authority, it has also been certified in Romania, Greece, Denmark, the Isle of Man, Ontario (Canada), and in the US in New Jersey, West Virginia, Pennsylvania, and Michigan, among others. It works with major operators such as Betsson, LeoVegas, and Betway.
Top slots
| Games | Highlights |
|---|---|
| Wanted Dead Or a Wild | Western theme, duel-style bonus, Hacksaw’s flagship game |
| Chaos Crew | Popular high-volatility slot |
| Stack ‘Em | Popular Games |
| Hand of Anubis | Egyptian mythology theme |
| Le Bandit | Popular Games |
| R.I.P. City | Popular Games |
| Dock Unit | Popular Games |
Hacksaw games often feature cascading wins, multipliers, duel-style bonuses, and bonus buy. Bonus buy is removed in some jurisdictions, such as the UK.
From scratch cards to slots
Hacksaw Gaming started out making online scratch cards (instant lottery games). It caught operators’ attention with instant games that recreate the feel of scratching with a finger on a mobile screen, then expanded into slots. It still runs a scratch card lineup today.
After entering the slot market, it quickly became a popular provider with very high volatility and flashy bonus structures. It made its name in 2021 when Wanted Dead Or a Wild became a big hit.
Features of Hacksaw slots
| Item | Details |
|---|---|
| Volatility | Mostly high to very high |
| Max win | Thousands to tens of thousands of x |
| Bonus Buy | Many games let you buy into several tiers of bonuses |
| Screen | Designed with vertical phone screens in mind first |
| Style | Bold colors, short and punchy bonus presentation |
Splitting bonuses into several types and letting players choose “which bonus to buy” is a signature of Hacksaw games. However, bonus buy is banned in some markets such as the UK, so game versions differ by country.
More signature titles
| Games | Highlights |
|---|---|
| Wanted Dead Or a Wild | Western theme, three bonuses, Hacksaw’s flagship hit |
| Chaos Crew | Graffiti-style character slots |
| Hand of Anubis | Egyptian theme, also featured as a flagship title in the listing disclosure |
| Le Bandit | Popular series built around a raccoon thief character |
Why investors took notice
Hacksaw Gaming’s 2024 revenue was $146 million, more than double the $71.5 million in 2023, and its operating margin exceeded 80%. Because it is a B2B business that builds and supplies games rather than running them itself, costs are low, and a single hit game earns money at hundreds of casinos at once. This profitability earned it a valuation of about $2.1 billion (roughly €1.8 to 2 billion) at its 2025 Nasdaq Stockholm listing.
Headquarters
Headquartered in Gżira, Malta.