Hacksaw Gaming is one of the iGaming providers known for rapid release cycles, high-volatility gameplay, and feature-rich slot mechanics.
Over the past few years, the studio has built a presence in the online casino industry by focusing on players who prefer fast-paced gameplay and higher win potential. At the same time, Hacksaw Gaming has maintained a slot-focused product strategy, with most of its portfolio centred on online slots.
Hacksaw Gaming titles are available across many licensed online casinos through direct operator integrations and iGaming aggregation platforms. Game availability depends on the casino, the platform provider, and local regulatory requirements.
The company distributes its games both directly to operators and through B2B aggregation platforms used by online casinos to expand their game libraries. Hacksaw Gaming content is available through platforms such as SoftSwiss, Relax Gaming, and other major iGaming infrastructure providers.
Game availability may vary between jurisdictions depending on local regulations, operator agreements, and platform-specific distribution settings.
Hacksaw Gaming slots are known for their fast-paced gameplay, distinctive visuals, and feature-rich mechanics. The portfolio includes video slots, instant win games, and scratch cards designed for players who enjoy bonus-driven gameplay.
Key features commonly found in Hacksaw Gaming titles include:
Hacksaw Gaming titles are typically chosen by players who prefer dynamic gameplay and modern slot mechanics.
These games appeal mainly to players who:
| Slot | RTP | Volatility | Max Win | Features |
| Wanted Dead or a Wild | ~96.38% | Very high | up to 12,500x | DuelReels™ system, sticky wilds, multi-stage bonus rounds |
| Chaos Crew | ~96.3% | Very high | up to 10,000x | cascading reels, multipliers, cluster-style win mechanics |
| RIP City | ~96.2% | High | up to 10,000x | progressive multipliers, bonus symbols, feature-driven gameplay |
| Le Bandit | ~96.3% | High | up to 15,000x | Golden Squares mechanic, Super Cascades, coin value system (bronze/silver/gold) |
| Hand of Anubis | ~96.2% | High | up to 10,000x | expanding symbols, bonus features, win-enhancing modifiers |
| Stack’em | ~96.3% | High | up to 10,000x | Stackways mechanic, dynamic reel height, expanding reels system |
These slots combine distinctive visuals with high-volatility gameplay and feature-driven mechanics commonly found in Hacksaw Gaming titles.
Hacksaw Gaming’s mathematical model focuses on high-volatility slots, with multipliers, modifiers, and extended bonus rounds within a single session. RTP settings vary depending on the operator, while game mathematics are tested and certified under regulated market requirements.
Most titles in the provider’s portfolio feature:
Core Game Architecture: Multipliers, Modifiers and Persistent Elements
Most Hacksaw Gaming slots use classic reel layouts (5x5, 5x4, 6x6) combined with additional features and modifier systems integrated into the base game.
One common feature across the portfolio is the use of persistent elements — mechanics that continue or evolve during bonus rounds.
In addition, many titles include:
Signature Hacksaw Gaming Mechanics
Stackways
One of the widely used mechanics in the Hacksaw Gaming portfolio.
The Stackways system adjusts reel height dynamically, changing the number of possible winning combinations.
The mechanic is often combined with:
DuelReels
A split-reel system where a separate section of the reel layout operates independently from the main grid.
These sections can:
Progressive Multipliers
Across many Hacksaw Gaming titles, progressive multipliers increase during bonus rounds.
They may:
Hacksaw Gaming slots typically feature RTP levels of around 96.2%–96.5%. However, many titles support multiple RTP configurations depending on the operator, with lower settings in some cases dropping to around 94% or below.
Most games use high or very high volatility, meaning results can vary significantly within a single session.
As a result, return rates and hit frequency may differ between casinos depending on the RTP configuration selected by the operator.
Maximum win potential in Hacksaw Gaming slots varies by title and can range from 10,000x up to 66,666x the stake.
Most games fall within the 10,000x–20,000x range, while some titles reach higher values through bonus mechanics and multipliers.
In most cases, the highest win potential is linked to bonus rounds and bonus-driven gameplay.
The Bonus Buy feature is not available in all Hacksaw Gaming slots, although it appears in many recent releases. It allows players to enter the bonus round directly instead of playing through the base game.
Bonus Buy cost varies by title and is commonly set around 100x–200x the stake, although some games use lower or higher values depending on the game structure.
Bonus Buy formats also vary between games. In some slots it activates a standard bonus round, while in others it activates versions with higher multipliers or adjusted volatility settings.
This gives players the option to choose between standard gameplay or direct access to bonus features.
Unlike many major iGaming providers, Hacksaw Gaming does not focus on traditional progressive jackpot systems as a standalone product vertical. Instead, the emphasis is on in-game bonus mechanics with high win potential rather than progressive jackpot systems.
Compared to traditional bonus models seen in providers such as NetEnt or Play’n GO, Hacksaw Gaming bonus features are often built around dynamic reel structures and interactions between multiple mechanics. As a result, bonus rounds are generally less predictable compared to standard free spins formats.
A part of the portfolio is also represented by instant win games and scratch cards, where gameplay is based on quick-trigger mechanics, multipliers, and instant bonus activations rather than extended bonus rounds.
Key Development Milestones
Hacksaw Gaming operates under a B2B gaming content supplier model, focusing on slot development and distribution through online casino networks and aggregator platforms. This structure allows the company to scale its distribution footprint without direct interaction with players.
Most releases are concentrated in European online casinos, although the provider’s games are also available in other jurisdictions outside Europe, where local iGaming markets continue to develop.
A key part of the infrastructure is the proprietary OpenRGS™ platform, which is used to develop and integrate games by both internal teams and external partner studios. This reduces reliance on individual distribution channels and supports faster time-to-market for new releases.
This compliance-driven model supports scalable expansion across regulated markets, while access to licensed jurisdictions contributes to overall revenue stability.
Growth at Hacksaw Gaming is driven not only by an increasing number of game releases but also by the expansion of its partner ecosystem around the platform. As a result, the company continues to expand its footprint across the online casino industry.
Hacksaw Gaming was founded in 2018 as an independent studio focused on developing slot games for online casinos. Following its listing on Nasdaq Stockholm in 2025, the company became publicly traded, while a significant share of ownership remains with founders and early investors.
CEO Marcus Cordes holds a key leadership role, overseeing the company’s transition from a small studio into an established player in the iGaming sector.
A public listing combined with continued founder involvement is generally viewed as a signal of operational stability, indicating a focus on long-term content development rather than short-term financial priorities.
Following its listing on Nasdaq Stockholm in 2025, Hacksaw Gaming began publishing more detailed financial reports. The available data reflects consistent revenue growth and profitability, supported by an expanding operator network and an increasing number of game releases.
| Year | Revenue | Revenue Growth | EBITDA | EBITDA Margin | Net Profit |
| 2022 | €32.0m | — | €26.5m | 83% | €17.0m |
| 2023 | €67.0m | +109% | €57.0m | 85% | €59.3m |
| 2024 | €137.1m | +105% | €117.6m | 86% | €109.4m |
| Q1 2025 | €45.0m | +71% YoY | €38.0m | 84% | €30.1m |
| H1 2025 | €90.4m | +61% YoY | — | — | €62.1m |
The company demonstrates consistent growth among publicly listed B2B companies in the iGaming sector. Between 2022 and 2024, Hacksaw Gaming’s revenue increased more than fourfold, from €32m to €137.1m, while EBITDA margins remained within the 83–86% range.
For the first half of 2025, revenue increased by 61% year-on-year, reaching €90.4m, indicating continued momentum at a more mature stage of business development.
Hacksaw Gaming initially focused on regulated European markets, where it established its core base of partner casinos and early integrations. Today, its primary distribution footprint remains concentrated in EU countries and the United Kingdom.
Over time, the provider’s games expanded beyond Europe, including North America and selected emerging markets, where regulatory frameworks are still developing and both demand and operator infrastructure continue to mature. This expansion is shaped by regulatory entry requirements, with rollout timing depending on certification and licensing readiness.
A clear distinction is maintained between fully regulated markets and emerging jurisdictions, with distribution strategies adjusted to comply with local regulatory standards while maintaining availability where permitted.
This expansion model, based on integrations with online casinos and aggregator platforms, allows the provider to operate without physical establishment in each jurisdiction. As a result, games are distributed directly into operator catalogs across multiple markets.
Hacksaw Gaming develops its OpenRGS™ platform, which enables independent studios to create and release games for online casinos. Instead of following a traditional mergers and acquisitions model, the company builds a partner-driven ecosystem based on shared infrastructure.
Since the launch of OpenRGS™, third-party studios have joined the ecosystem, increasing overall content output without direct acquisitions.
Over time, the following studios have joined the platform: Backseat Gaming, Bullshark Games, HZF Studios, GMG Studios, NowNow Gaming, Jinx Gaming, Pineapple Play, Foxhound Games, Kitsune Studios, Aloha Gaming, Good Times Studios.
This approach means that catalog growth is driven by onboarding external developers, enabling faster scaling of the overall portfolio.
Hacksaw Gaming’s strategy is built around scaling its proprietary content through a platform-based development model. Instead of expanding through acquisitions or standalone asset purchases, the company focuses on strengthening its ecosystem of games and partner studios.
Within this structure, OpenRGS™ serves as the core infrastructure connecting internal development and external studios into a unified content production pipeline. This enables a continuous release flow without changing the underlying product architecture.
In practice, the development model is focused on increasing overall content output, expanding integrations, and extending coverage across operator catalogs.
An additional focus is placed on adapting games to regulatory requirements across different jurisdictions and expanding geographical reach through existing distribution channels.
Hacksaw Gaming operates as a distributed team responsible for developing and releasing games for online casinos. Core product and technical functions remain in-house to ensure consistent quality and stable development cycles.
The remote working model reduces dependency on physical offices and allows the company to scale teams in line with production demand.
In practice, this structure enables faster scaling of production capacity compared with traditional studio setups, supporting a more flexible development model.
Licensing
Hacksaw Gaming (through HGMT Ltd and other group legal entities) is licensed and regulated across several key jurisdictions. The company operates under a multi-jurisdiction regulatory framework as a B2B supplier of gaming content, providing software exclusively to licensed operators. This operator-only distribution model means that all end-user gambling activity is handled by regulated casino partners rather than the provider itself.
| Regulator | Jurisdiction | Licence Type | Number / Status |
| Malta Gaming Authority (MGA) | Malta | B2B Gaming Supply Licence (CRP) | MGA/CRP/501/2018 |
| UK Gambling Commission (UKGC) | United Kingdom | Remote Gambling Software Licence / Supplier | 54059 |
| Swedish Gambling Authority (Spelinspektionen) | Sweden | B2B Software Supply Licence | 23Si638 |
| Hellenic Gaming Commission (HGC) | Greece | Manufacturer / Supplier Licence | HGC-000055-MN |
| Isle of Man Gambling Supervision Commission | Isle of Man | Software Supplier Licence | valid until 2027 |
| Romanian ONJN | Romania | Class II B2B software distribution licence | confirmed status |
| AGCO | Canada (Ontario) | Gaming-related supplier registration | registered status |
| Danish Gambling Authority (Spillemyndigheden) | Denmark | Gaming supplier licence | confirmed status |
The company also operates in additional regulated markets through local approvals and certified operator integrations.
Game Certification and RNG
All Hacksaw Gaming titles undergo mandatory testing by independent laboratories before being released in regulated jurisdictions. Certification is typically required for market access and influences launch timelines, operator onboarding processes, and RTP validation consistency across jurisdictions.
The testing process includes:
Main testing laboratories:
These organisations are recognised iGaming testing bodies used for certification and regulatory approval in licensed markets.
Player Protection
Hacksaw Gaming does not operate as a gambling operator but as a B2B content supplier. Responsibility for end-user player protection primarily lies with licensed operators.
Within this framework, player protection measures are implemented at the operator level and typically include:
All games are distributed exclusively through licensed platforms, which are required to comply with applicable regulatory standards and responsible gambling frameworks in their respective jurisdictions.
Hacksaw Gaming has received nominations in several industry awards within the iGaming sector. The table below summarises recorded nominations by year and category.
| Year | Award | Category | Result | Notes |
| 2021 | EGR B2B Awards | Innovation in Slot Provision | Nominated | Presence in the slot supplier segment |
| 2022 | International Gaming Awards (IGA) | Slot Provider of the Year | Nominated | B2B gaming content providers category |
| 2022 | CasinoBeats Game Developer Awards | Game Studio of the Year | Shortlisted | Shortlist inclusion for game development studios |
| 2022 | CasinoBeats Game Developer Awards | Game Design / Innovation (selected titles) | Nominations | Nominations for individual game releases in design and mechanics categories |
| 2023 | SiGMA Europe Awards | Best Game Provider | Nominated | Category for gaming content providers |
| 2023 | EGR B2B Awards | B2B Content Provider Categories | Nominations | Nominations across multiple industry categories |
| 2024 | CasinoBeats Game Developer Awards | Game Design / Innovation | Nominations | Nominations for individual titles in design and innovation categories |
Most of Hacksaw Gaming’s nominations are associated with slot design and game mechanics rather than broader corporate or business performance categories. This reflects its focus on slot game development and release output.
Hacksaw Gaming uses an HTML5-based architecture for game development. All titles run in-browser without requiring additional software installation.
Mobile Compatibility
All Hacksaw Gaming titles are fully optimized for mobile devices and designed for touch-based interaction.
Cross-Platform Functionality
Games are built on a unified codebase across all devices, ensuring consistent performance and gameplay experience across desktop, smartphones, and tablets.
Hacksaw Gaming is positioned within the segment of providers specialising in high-volatility slots with fast-paced gameplay and feature-driven bonus mechanics. The company’s release style is characterised by dynamic gameplay systems, a defined visual identity, and a focus on high win potential.
Its portfolio includes a range of modern slot titles with varying levels of gameplay complexity and feature structures, typically centred around bonus mechanics and high-volatility models.
The provider is active in the iGaming sector and is associated with a distinctive game design approach, proprietary mechanics, and ongoing expansion of its content portfolio.
Hacksaw Gaming is a B2B gaming content provider that develops online slots, instant win games, and scratch cards for licensed operators.
The company’s core focus is high-volatility video slots. Its portfolio also includes instant win games and scratch cards.
The games are characterised by high volatility, fast-paced gameplay, and proprietary mechanics, including Stackways and other in-game modifier systems.
The average RTP is approximately 96.2%–96.5%, while exact values may vary depending on the operator and game configuration.
Yes, some titles include a Bonus Buy feature that allows direct access to the bonus round. Availability varies by title.
No, the provider does not operate traditional network progressive jackpot systems. Win potential is primarily driven by in-game bonus mechanics.
Games are distributed through licensed operators across Europe, the United Kingdom, and selected international markets, subject to local regulatory requirements.
Content is delivered via B2B integrations and iGaming aggregator platforms, including SoftSwiss, Relax Gaming, and other distribution networks.
Yes, all titles are developed using HTML5 technology and are fully optimised for mobile devices, including smartphones and tablets.
Key releases include Wanted Dead or a Wild, Chaos Crew, Le Bandit, RIP City, and Hand of Anubis.
The company uses a platform-based development model built around OpenRGS™, focusing on high-volatility slots with combined mechanics and fast-paced gameplay.
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| Information | |
| Website | https://www.hacksawgaming.com |
| Site languages | English |
| Foundation date | September 2018 |
| Downloadable version | No |
| Flash version | No |
| Mobile version | Yes |
| Live version | No |
| Casinos using the software | 108 |
| Blacklisted casinos | 2 |
| Jurisdiction | Malta, United Kingdom, Gibraltar, Isle of man |
| Contact details | |
| 🏠 Post address | 1st Floor, Suite 3, Central Business Centre, Mdina Road, Zebbug ZBG9015 MALTA |
| Sales, Marketing, Main issues |