Hacksaw
Hacksaw is a B2B technology platform and game development company that operates across the iGaming value chain. Based in Stockholm, Sweden, Hacksaw develops and distributes digital slots, scratch cards, and instant win games. The company is known for its scalable and modular platform, which supports rapid game development and distribution. Hacksaw's shares are listed on Nasdaq Stockholm, and the company has experienced significant growth in recent years, driven by strong game releases and strategic partnerships.
Fiscal year 2025 · change from previous year
Development 2024–2025
Business
Share of revenueIncludes in-house developed slot games
Comprises digital scratch card games
Features instant win digital games
Platform for developing and distributing games
Distribution of games from third-party studios
Customers
Hacksaw's customers are primarily large private and state-owned iGaming operators. These operators seek innovative and engaging digital gaming content to enhance their offerings and attract players. Hacksaw's scalable platform allows for seamless integration, making it an attractive choice for operators looking to expand their game portfolios. The company's ability to rapidly develop and distribute new games is a key selling point for customers aiming to stay competitive in the fast-paced iGaming industry.
Purchase digital slots and games for player engagement
Use Hacksaw's platform for expanding digital offerings
Distribute games via Hacksaw's platform
Strategy
Hacksaw's strategic priorities focus on maintaining high growth and profitability through continuous game development and strategic partnerships. The company aims to expand its game portfolio by releasing new titles monthly and attracting more third-party studios to its platform. Hacksaw also prioritizes geographic expansion to diversify its market presence and reduce dependency on any single region. Investment in talent and technology is key to sustaining its competitive edge in the iGaming industry.
To enhance market offering and attract players
To diversify market presence and reduce regional dependency
To sustain competitive edge and innovation
Geography
Hacksaw is headquartered in Stockholm, Sweden, with its gaming operations based in Malta. The company has a diverse geographic presence, with no single country accounting for more than 10% of bets placed. Recently, Hacksaw expanded into the Canadian market by becoming an approved gaming service provider in Alberta. This geographic diversification helps mitigate risks associated with market-specific regulations and economic conditions.
Risks
Hacksaw faces several business and financial risks, including regulatory changes in the iGaming industry, which could impact operations and profitability. The company's reliance on a few large clients poses a risk if these clients reduce their business with Hacksaw. Currency fluctuations can also affect financial performance, given the company's international operations. Additionally, the fast-paced nature of the gaming industry requires continuous innovation to stay competitive, posing a risk if Hacksaw fails to keep up with market trends.
- Regulatory ChangesImpact: HighLikelihood: Medium
Could impact operations and profitability
- Innovation RequirementImpact: HighLikelihood: Medium
Need to keep up with market trends
- Client ConcentrationImpact: MediumLikelihood: Low
Reliance on a few large clients
- Currency FluctuationsImpact: Medium
International operations expose to currency risks
Accounting
Judgemental itemsAffects reported earnings and financial performance
Impact: high
Influences financial results due to international operations
Impact: medium
Impacts financial reporting and share-based compensation
Impact: medium
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Last updated: 24/09/2026