Hacksaw Gaming: games, licences and its Nasdaq Stockholm listing

Hacksaw Gaming is a young studio that grew fast. Founded in 2018, it describes itself as a supplier of slots, scratchcards and instant-win games, and counts some of the largest private and state-owned operators among its customers. Many of its slots have several bonus modes. In June 2025 its parent company listed on the Stockholm stock exchange.

At a glance

The listing

Hacksaw AB's shares started trading on Nasdaq Stockholm on Wednesday 25 June 2025, at an offer price of SEK 77 a share. That valued the company at about SEK 22 billion. All shares sold were existing shares, so the company itself raised no money. The release describes Hacksaw as a technology-first remote game server (RGS) platform and game supplier, and says it also offers its platform to third-party studios as OpenRGS.

What Hacksaw makes

• Slots. The bulk of the catalogue. Many have several bonus rounds and a bonus buy where the market allows it.
• Scratchcards and instant-win games. A smaller but distinctive line. Our scratch cards guide explains how online scratchcards work.
• Platform. Its RGS, which since 2023 has been open to outside studios.

Hacksaw also sells BonusHunt FeatureSpins in many games: you pay a multiple of your stake per spin for better odds of triggering the bonus. Le Bandit's page puts it at 3x the stake for 5x the trigger chance. That does not make the bonus cheaper. It makes every spin more expensive.

Notable games

• Wanted Dead or a Wild. A 5x5 western slot built around DuelReels: VS symbols expand into wild reels with a multiplier. It has three bonus rounds and a listed top win of 12,500x the bet. Hacksaw rates its volatility 4 out of 5.
• Chaos Crew 2. Rated 5 out of 5 for volatility. Multiplier wilds (Cranky) and reel-value symbols (Sketchy) build up during a bonus with three refilling "lives". Listed top win: 20,000x.
• Le Bandit. A 6x5 cluster pays slot with cascades and Golden Squares that reveal coins, clovers and pots of gold when a rainbow lands. Volatility 3 out of 5, top win 10,000x.
• Le Bandit Hold & Win. A hold and win spin-off with coin symbols, four jackpot prizes based on your bet and two separate Hold & Win bonus games. Its listed top win is lower, at 2,500x.

RTP versions: why they matter here

Hacksaw is open about this. Each game page lists four RTP figures without saying which casino uses which. For Wanted Dead or a Wild they are 96.38%, 94.55%, 92.33% and 88.42%. For Le Bandit they are 96.34%, 94.23%, 92.17% and 88.36%.

The gap is large. On £1,000 of total bets, the expected loss is about £36 at 96.38% and about £116 at 88.42% (our calculation: total bets × (100% − RTP); a long-run average, not a prediction for one session). Same game, same graphics, more than three times the expected cost. Open the game's help screen before you play and check which version your casino runs. Our RTP and volatility guide has more worked examples.

Where Hacksaw games appear

Hacksaw's operating company is licensed in Great Britain, so its games can appear at UK casinos. It is also registered in Ontario: see our Ontario casino listings. In the US, Hacksaw announced titles going live in New Jersey (4 November 2025) and Pennsylvania (13 November 2025), and its group licence list also names Michigan, West Virginia and Connecticut. Which games a casino carries is up to the casino, so check its lobby. For other markets, see the casino markets hub.

For studios with a similar style, see Nolimit City and Push Gaming, or browse the providers hub.