Hacksaw Gaming Products and Subsidiaries: What the Group Owns

What belongs to Hacksaw Gaming and what does not?

Five relationship types are often collapsed into the word brand. They imply materially different rights and risks.

Audited accounts provide stronger subsidiary evidence than marketing pages. A press release can establish an announced partnership or investment, but not every detail of legal control. A brand name need not be a separate company.

Hacksaw AB's legal subsidiaries

The audited FY2025 annual report, in its parent-company note on shares in group companies, provides a dated map. The parent directly held 100% of Hacksaw Studios AB in Sweden and 100% of Hacksaw Gaming Ltd in Malta at 31 December 2025. It separately lists additional companies as indirectly owned in the group, each at 100% equity and votes in that historical snapshot.

The table below preserves that reporting classification. For indirect companies, it does not invent an immediate parent where the note only identifies their indirect relationship to Hacksaw AB. Registration numbers are included where given in the audited source, enabling readers to distinguish similarly named entities.

Source: Hacksaw AB Annual Report 2025, parent-company ownership table, printed page 73. These figures represent a defined year-end accounting snapshot rather than an independently verified live register for November 2026. The table is not a claim that all businesses performed the same activity, were incorporated in 2025, or had identical local licences.

Three distinctions deserve emphasis. Hacksaw Gaming Ltd, the Maltese parent-owned subsidiary, is not the same company as HGMT Ltd, which appears in supplier-licensing disclosures. Hacksaw Operations Ltd is another separate Maltese legal person, with a UK overseas-company establishment; registering an establishment does not create another British incorporated subsidiary. Finally, HGBR Ltda, registered in October 2025 according to the report, is a Brazilian corporate entity, not proof of unrestricted permission to distribute every game throughout Brazil.

The annual report also describes the June 2025 acquisition of previously held minority shares in Hacksaw Gaming Ltd. That transaction made it wholly owned by Hacksaw AB; it does not mean the group acquired all independent content creators using OpenRGS. A consolidated subsidiary can own assets and contracts, but its presence in a group chart does not reveal the detailed terms of every partner agreement.

How the US subsidiary chain fits together

The IPO prospectus dated 16 June 2025, printed page 93, gives a more specific historical ownership hierarchy. It shows a route from the Swedish parent through Hacksaw Gaming Ltd in Malta to Hacksaw Gaming US LLC, and then to state-specific US companies. The prospectus is an earlier point-in-time structural source; it should not be presented as a fresh certified November 2026 chain without updated filings.

This hierarchy helps explain corporate ownership, not which state has granted which product permission. A Pennsylvania company does not hold a licence in Michigan merely because both share an ultimate parent. Supplier licences, regulated activities and commercial go-lives need their own local records. Our Hacksaw markets and licences page handles that separate legal question.

Which games and technology products does Hacksaw supply?

At product level, Hacksaw develops its own casino content and also provides infrastructure through which other studios can release games. It is a B2B gaming technology company, not a casino brand that opens player accounts or offers direct gambling bonuses. The official games catalogue shows content categories, but category membership alone says little about a game's royalty terms, legal ownership or live availability in a particular country.

The latest interim report gives a more useful measure than a promotional list of game names. During Q3 2026, Hacksaw released 19 in-house games and 26 games developed by third-party studios through OpenRGS. Those are release counts for July to September 2026, not revenue shares or numbers of legal companies. They show two sources of content entering the network, but the economics may differ between proprietary titles and studio-supplied games.

Hacksaw's business model relies on software distribution and contractual supplier remuneration rather than directly pocketing every player's stakes. That accounting distinction is examined in Hacksaw's business model and technology. Nor does a game being offered by a well-known casino establish that Hacksaw owns the casino. The player-facing operator remains an independent business unless there is separate equity evidence.

Why OpenRGS studios are not automatically subsidiaries

OpenRGS is a technology and distribution platform, not a corporate acquisition register. Independent developers can create games that appear in the Hacksaw ecosystem without surrendering their equity to the listed group. The platform may help with technical integration and access to operator relationships, while intellectual-property rights and commercial terms depend on individual agreements that are not fully public.

At 30 September 2026, the company reported 12 independent studios using OpenRGS and 399 released games on the broader platform. These dated operating figures are not interchangeable with the 14 legal companies in the FY2025 subsidiary table. They are also not evidence that each studio contributed equally to sales, that all games remained live in every market, or that a studio became consolidated merely by joining.

Zerplaay Games joined the OpenRGS partner network during Q3 2026, according to the company's interim announcement. On that evidence its relevant classification is independent platform partner, not “newly purchased Hacksaw subsidiary”. The same rule applies to other studios unless a separate purchase, controlling interest or consolidated accounting treatment is established.

The distinction becomes particularly important with Kitsune and Jinx, because their relationships go beyond ordinary technology distribution. Even there, investment does not automatically mean majority ownership. The proper test is the equity percentage and influence or control rights, supported by a dated corporate document, rather than the proximity of names in a game catalogue.

For due diligence, we would distinguish the developer named on a title, the platform distributing it, the legal owner of the studio, and the entity that recognises related supplier revenue. These can be four different things. Without contract-level disclosures, assigning a whole game's economic value to one group company would be speculative.

Kitsune and Jinx: investment does not equal control

Kitsune Gaming Studios Ltd is the clearest case where a specific stake and accounting classification can be verified. The FY2025 annual report says Hacksaw invested in a 35% ownership interest in August 2025. It accounts for Kitsune as an associate under the equity method. Kitsune, a UK company with company number 15909593, had already supplied games through OpenRGS. A 35% associate is not a wholly owned subsidiary; significant influence is different from legal control.

The report says the investment followed an existing OpenRGS relationship and refers to an opportunity to increase the stake over time. An option is not the same as an exercised purchase. We therefore use the audited 35% historical figure and do not assume a later increase without dated evidence. Nor should a Companies House person-with-significant-control entry for another holder be confused with Hacksaw's reported accounting ownership. Each register addresses a different aspect of control and may have a different update date.

Jinx Gaming follows a different path. It was already an OpenRGS partner; on 1 April 2026, Hacksaw announced that Hacksaw Ventures had become a minority shareholder in Jinx. The official announcement does not establish an exact percentage in the material reviewed. We will not invent a stake or describe Jinx as a 100%-owned subsidiary. A strategic investment may align development incentives without transferring control of the studio's entire business.

The rows represent different types of relationship, not a ranked list of “Hacksaw subsidiaries”. For the sequence of corporate transactions and the IPO, see Hacksaw Gaming history and acquisitions. Individual founders, the listed parent company's shareholders and executive leadership belong to Hacksaw ownership and management.

How to read a Hacksaw group map

A reliable map needs more than names and logos. Before assigning a company or product to the group, we ask five practical questions:

1. What exactly is the entity? A registered company, a game, a product trade mark, a platform, an operator or a studio's trading name?
2. What is the relationship? Direct subsidiary, indirect subsidiary, associate, minority investment or commercial partner?
3. Is the percentage known? A disclosed 35% is different from “minority”; a partnership supplies no equity percentage at all.
4. What date and perimeter apply? The FY2025 audited group table, June 2025 prospectus and Q3 2026 operating metrics describe different snapshots.
5. What is the strongest evidence? Audited accounts and legal registers for ownership; dated company announcements for launches and investments; contract details only where actually disclosed.

This method also explains what a map cannot show. A studio may develop successful games and still remain independent. A wholly owned Maltese supplier may hold a specific B2B permission without being a UK consumer casino. An operator can feature Hacksaw games without belonging to Hacksaw's corporate family. Where the exact parent-subsidiary edge or a current ownership percentage is missing, the honest answer is that it remains unverified.

Our conclusion: Hacksaw combines a clearly documented wholly owned corporate core with a wider product and partner ecosystem. Its own games, OpenRGS technology, third-party studio releases, Kitsune's 35% associate interest and Jinx's undisclosed minority stake must be represented separately. Keeping those distinctions intact makes the corporate structure useful for research rather than merely impressive as a logo wall.

Documentary basis: Hacksaw AB Annual Report 2025, including the parent-company subsidiary table and associate note; IPO prospectus dated 16 June 2025, group diagram at printed page 93; Hacksaw Interim Report January to September 2026, published 3 November 2026; Hacksaw company announcements on Kitsune, Jinx, OpenRGS and Hacksaw Markets; published company-identity records.