Hacksaw Gaming: Company and Business Overview

Who owns Hacksaw Gaming?

The starting point is Hacksaw AB (publ), the Swedish holding company with registration number 559133-3793. It is the publicly listed parent of the Hacksaw group. The shares began trading on Nasdaq Stockholm in June 2025 under ticker HACK; a Nasdaq admission notice identifies the ISIN as SE0025138357. Trading in the shares is a separate activity from playing a game carrying the Hacksaw name.

The annual report describes Hacksaw AB as a holding company, with operational work conducted through subsidiaries. Hacksaw Gaming Ltd, based in Malta, is a distinct legal entity associated with product development and operational decisions. The 2025 annual report records that Hacksaw Gaming Ltd became wholly owned by Hacksaw AB following a June 2025 transaction involving its remaining minority shareholders. That is a corporate ownership event, not the acquisition of a player-facing casino.

There is also a date distinction. The Swedish legal entity was established in 2017, while the company describes the commercial Hacksaw business as founded in 2018. These are different milestones, not mutually exclusive competing foundation dates. A reader who sees a 2017 company-register date and a 2018 brand history should ask which event each source describes. The broader chronology belongs in Hacksaw's history and acquisitions.

Neither an OpenRGS partner studio nor a casino featuring Hacksaw games thereby becomes a subsidiary. Hacksaw brands and subsidiaries maps those relationships; Hacksaw management and shareholders covers the people and shareholdings.

What does Hacksaw Gaming actually do?

Hacksaw makes and supplies gambling-game content and the underlying technology used to deliver it. Its customers are businesses, principally gaming operators and other qualified commercial partners. A customer's consumer-facing casino is a separate participant in the relationship.

The commercial chain can be described simply:

Hacksaw group / its game studios → game platform and distribution → licensed casino operator → player.

The arrows describe a supply relationship, not a chain of common ownership. In some arrangements other distribution or aggregation partners may sit between the technology supplier and the end operator. Contracts, regulatory approvals and available games can differ by market.

Consider the financial and practical roles:

• The supplier develops or hosts game software and makes content available to approved business customers. It can earn revenue linked to contractual activity, including arrangements referencing the gross gaming revenue generated by its content.
• The operator presents the game to customers, maintains player accounts, processes deposits and withdrawals, operates customer controls and bears its own licence obligations.
• The player uses the operator's service. A game's supplier logo does not establish who holds the player's funds or decides a withdrawal dispute.

Gross gaming revenue, or GGR, is broadly the difference between stakes and winnings within the relevant calculation. It is not the same as supplier revenue. If a casino's players generate a stated amount of GGR on Hacksaw content, Hacksaw does not automatically recognise that entire amount as its own turnover. The amount the supplier recognises depends on contracts and accounting treatment. Likewise, the casino's total revenue is not a measure of Hacksaw's earnings.

Hacksaw can expand distribution without owning the websites involved; visibility does not guarantee proportional revenue from each. See how Hacksaw's business model works.

Games, OpenRGS and newer products

Hacksaw's own content includes digital slots, scratch cards and instant-win formats. In the third quarter of 2026 the company entered another game category with Moneyplane, which it described as its first crash game. These are examples of product types, not an endorsement of particular titles or a claim that they are available at every UK casino.

The second part of the story is OpenRGS. RGS means remote gaming server: the infrastructure used to deploy and distribute gaming content. OpenRGS allows independent studios to develop and release games using Hacksaw's platform. The relationship expands the available catalogue, but the studios remain distinct parties unless a separate ownership transaction is established.

This creates two production streams that should not be conflated:

In Q3 2026, Hacksaw reported 19 in-house game releases and 26 releases from third-party studios on OpenRGS. Those are counts of games released during a quarter, not the number of studios, licences or acquired companies. The quarter also saw Zerplaay Games join the partner-studio ecosystem.

Following the reporting period, the company announced Hacksaw Markets, a B2B prediction-markets platform intended for operators using its technology and distribution arrangements. This should not be confused with a retail betting exchange run by Hacksaw for individual users. The product's available markets and regulatory scope require separate verification; an announcement alone does not establish universal deployment.

Our view: a combined proprietary and partner-studio pipeline can reuse infrastructure and widen distribution, but creates additional demands for quality control and compliance.

How large is Hacksaw Gaming?

The latest published scale figures need their dates and denominators attached. According to Hacksaw's Q3 2026 disclosures, the position at 30 September 2026 was:

Source: Hacksaw interim reporting and accompanying company commentary, published 3 November 2026. The market and website figures are the issuer's stated operating reach, not an independent census of casino ownership.

The four measures cannot be combined into a customer count. The 399 figure is a quarter-end snapshot; smaller historical counts can simply reflect earlier periods.

Hacksaw Gaming financial snapshot

Hacksaw's interim report of 3 November 2026 provides the following selected figures for the quarter and nine months ended 30 September 2026. Its reporting currency for these financial statements is the euro, not the Swedish krona in which HACK shares trade.

Source: Hacksaw AB, interim report January to September 2026. Figures are unaudited interim results. The adjusted EBIT figures exclude specified items affecting comparability and should not be substituted for IFRS operating profit.

Q3 revenue increased by approximately 12% against the equivalent 2025 quarter. Adjusted EBIT rose by approximately 15%. These are strong reported margins, but 83% is a rounded outcome for one quarter, not a guaranteed future margin or a fixed percentage of casino stakes.

Adjusted EBIT and IFRS EBIT are different measures. Casino GGR, supplier revenue and group operating profit must also remain distinct.

For context, the audited full-year 2025 annual report recorded €197.481 million of total revenue. That full-year figure should not be compared with the nine-month 2026 result as if the reporting periods were identical. Detailed period comparisons, cash flow and accounting belong in Hacksaw Gaming financial results.

Markets, licences and UK relevance

For a British reader, the most useful regulatory distinction is between supplying gambling software and operating a gambling site for consumers. A supplier's authorisation does not itself license every operator that uses its games, and an operator's permissions do not automatically transfer to a separate studio or supplier.

The group's published materials identify Maltese operating entities and relevant licences, including a UK Gambling Commission business account cited for HGMT Ltd. That legal entity name matters: a reference to HGMT Ltd or Hacksaw Gaming Ltd should not simply be relabelled as a licence held directly by the Swedish listed parent. Licence class, legal holder, status and covered activity must be checked against the relevant regulator's record when making a current claim.

Presence in over 40 locally licensed markets does not mean identical permissions everywhere. Availability depends on approvals and operator arrangements. See Hacksaw markets, partners and licences.

What should readers watch?

Several trends are visible in the third-quarter disclosures, but they point in different directions.

First, Hacksaw's average daily game rounds increased by 19% year on year in Q3 2026, while revenue grew by 12%. Management attributed weaker revenue per game partly to changes in game and operator mix compared with the previous year.

The company said it had rebalanced its development roadmap towards historically successful game styles while continuing to serve more markets. Management expects that mix to normalise over the coming months, but acknowledged that the transition could weigh on near-term performance. This is management's explanation and expectation, not an independently established outcome.

Our assessment: higher round volumes indicate continued activity, but do not alone demonstrate stronger monetisation. The next test is whether the revised game mix improves revenue performance without sacrificing distribution growth.

Second, the ten largest games represented 52% of content GGR, against 45% in the comparison period. This is a concentration measure within the company's content GGR, not a statement that those titles delivered 52% of the group's consolidated revenue. Successful games can generate substantial earnings, but reliance on a relatively narrow set of titles creates exposure if preferences shift.

Third, broader OpenRGS distribution creates opportunity but also exposes Hacksaw to product-performance, platform and regulatory risks. More releases do not guarantee durable profits.

Hacksaw reports broad reach and high profitability, but availability differs from ownership, and activity from revenue. See risks and opportunities for Hacksaw.

Where to explore the group next

For specific questions, continue to the specialist analyses:

• To see the legal and commercial structure, use Hacksaw brands and subsidiaries and Hacksaw management and shareholders.
• For the sequence of the company's development, see Hacksaw's history and acquisitions.
• To understand the supply chain, consult how Hacksaw's business model works.
• For dated revenue, earnings and financial trends, read Hacksaw Gaming financial results.
• For contract, territory and regulatory context, open Hacksaw markets, partners and licences.
• For potential vulnerabilities and expansion options, review risks and opportunities for Hacksaw.
• If your question is about investing in the Swedish issuer rather than playing its games, use the separate HACK share price and chart.

The group is also covered in our broader gambling corporations research.

Hacksaw is a listed Swedish B2B supplier with distinct operating companies and studio partners. Its reported scale is substantial, but none of these metrics makes it the operator of casinos displaying its games.

Evidence reviewed: Hacksaw AB Annual Report 2025; Nasdaq Stockholm listing notice dated June 2025; Hacksaw AB Interim Report January to September 2026, published 3 November 2026.