GCORNasdaq StockholmGamblingIFRS · SEK

Gaming Corps

Gaming Corps AB is a Swedish-listed developer of digital casino games and related iGaming technology. The company creates in-house slots, table games, and nontraditional game engines for online operators, with development centered in Malta and headquarters in Uppsala, Sweden.

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Revenue48.7m SEK
+37.5 %y/y
Operating profit (EBIT)-32.4m SEK
−29.1 %y/y
EBIT margin-66.6%
+4.3 ppy/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-40-200204060m SEK2020: 0.23 m SEK2020: EBIT -17 m SEK20202021: 2.4 m SEK2021: EBIT -22 m SEK20212022: 12 m SEK2022: EBIT -25 m SEK20222023: 31 m SEK2023: EBIT -22 m SEK20232024: 35 m SEK2024: EBIT -25 m SEK20242025: 49 m SEK2025: EBIT -32 m SEK202549-32
RevenueOperating profit (EBIT)
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Business

Share of revenue
Casino games70 %

Original digital casino titles including slots, table games, and niche game formats.

Custom operator content20 %

Tailored games and branded content developed for individual casino operators.

Remote Game Server (RGS)10 %

Technology and distribution infrastructure offered to other studios without their own licenses.

Customers

Gaming Corps sells primarily to online casino operators and gaming platforms that distribute its titles to end users. It also serves selected game studios through its Remote Game Server offering, and its content is designed for experienced or selective players seeking premium casino experiences.

Online casino operators

Buy slots, table games, and custom titles to refresh their casino lobbies and attract players.

Regulated-market operators

Purchase compliant content for jurisdictions where licensing and certification are required.

Game studios

Use the Remote Game Server to launch games through Gaming Corps' licensed distribution network.

End players

Experienced and selective players consume the games through operator platforms and drive demand for premium content.

Strategy

Gaming Corps focuses on premium, self-developed casino content and on expanding its presence in regulated iGaming markets. It also uses licensing, certification, and the RGS offering to widen distribution and make its content easier for operators and other studios to launch.

Expand regulated-market coverageMedium term

Licensing and certification determine where games can be distributed and monetized.

Broaden the game portfolioMedium term

A wider mix of slots, table games, and nontraditional formats improves operator appeal.

Scale distribution through partnersShort term

Operator relationships and RGS can extend reach without building a direct consumer platform.

Geography

Gaming Corps is headquartered in Uppsala, Sweden, with game development carried out in Malta through wholly owned subsidiaries. The company says it is active in several regulated markets and has obtained licensing and certification coverage across multiple European jurisdictions, including the UK and Malta.

Risks

Gaming Corps depends on operator adoption, regulatory approvals, and the success of new game launches in a highly competitive iGaming market. Its business is also exposed to licensing, certification, and jurisdiction-specific compliance requirements, which can limit where content can be sold and increase execution complexity.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and licensing risk1Operator dependency2Product acceptance risk3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and licensing riskImpact: HighLikelihood: Medium

    The company can only distribute content in markets where it holds the required licences and certifications.

    Exposure: Market access in Europe and other regulated jurisdictions

  2. Operator dependencyImpact: HighLikelihood: Low

    Revenue is driven by a relatively small set of casino operators and platform partners.

    Exposure: Content distribution and commercial rollout

  3. Product acceptance riskImpact: MediumLikelihood: High

    The business relies on new game titles being accepted by operators and players.

    Exposure: Launch performance and portfolio monetization

  4. Competitive pressureImpact: Medium

    iGaming content is crowded, and operators can switch between many suppliers.

    ExposurePricingVisibilityPartner retention
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Accounting

Judgemental items
Revenue recognition

Casino game and RGS contracts may recognize revenue at different points depending on contract terms and usage.

Impact: Affects reported timing of sales and comparability across periods

Capitalized development costs

Game development can create intangible assets that require judgment on capitalization and useful life.

Impact: Affects operating expense recognition and future amortization

Impairment of intangibles

If released games or technology underperform, carrying values may need to be written down.

Impact: Can create non-cash charges and volatility in earnings

Subsidiary consolidation

Operations are split between Sweden, Malta, and the UK, requiring intercompany and consolidation judgments.

Impact: Affects group presentation of revenue, costs, and assets

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Last updated: 24/09/2026

Gaming Corps (GCOR) Revenue, Earnings & Financials 2025 – Clarifo