Hacksaw Gaming

Hacksaw Gaming is a game studio that makes online slots, scratchcards and other instant-win games for casino operators. It was founded in Malta in 2018 — reportedly by Marcus Cordes and Kamil Guclu — and has become one of the more recognisable names in online slots, especially among people who watch slot streams. Company figures below are as of its H1 2026 report; everything else is as of September 2026.

From scratchcards to slots

Hacksaw did not start out as a slot studio. Its first products were digital scratchcards and instant-win games, and it released its first video slot, Stick 'Em, in 2019. Chaos Crew followed in 2020 and is widely seen as the game that made the studio's name. Slots have driven its growth since then, and the catalogue is reported to run to more than 250 games. Scratchcards, instant-win titles and crash-style games are still part of the mix.

What makes its slots distinct

A handful of traits run through most of the catalogue:

• Built for phones first. The games are HTML5 and designed around a small portrait screen, so controls, paytables and feature screens work on mobile before they are scaled up to desktop.
• Loud, offbeat art. Hacksaw prefers cartoonish, slightly anarchic characters to glossy realism, and the tone is often tongue-in-cheek.
• High volatility as the norm. Most titles hold back much of their return for bonus rounds and large multipliers, which means long stretches of small or no wins between the moments that matter. Le Bandit is a notable exception at medium volatility.
• Feature bets. Many games offer FeatureSpins or BonusHunt FeatureSpins — optional, more expensive spins that change how often a bonus arrives — as well as direct bonus buys. Whether any of these is offered depends on the casino and on local rules.

That mix of odd characters, heavy volatility and optional feature bets is a large part of why the studio has such a strong following among slot streamers.

Notable games

• Wanted Dead or a Wild — a Western-themed slot known for its DuelReels feature, with a maximum win reported at 12,500x.
• The Chaos Crew series — the franchise that set the studio's visual style.
• Hand of Anubis, RIP City and Dork Unit — further examples of the character-led, slightly unhinged design the studio is known for.
• Le Bandit — the medium-volatility cluster-pays game that started the Le series. Read our Le Bandit review.

The Le series

Le Bandit arrived on 24 August 2023. It introduced Smokey, a raccoon pickpocket, together with two mechanics — Golden Squares and Super Cascades — that Hacksaw has since built a whole family of games around. Later entries include Le Pharaoh, Le Viking, Le King, Le Zeus, Le Santa, Le Cowboy, Le Fisherman, Le Bunny and Le Digger.

Most of these keep some version of Golden Squares and Super Cascades, and several are reported to lift the maximum win to 20,000x. The rules and the maths are not identical from one title to the next, so treat each game as its own product and check its paytable and RTP rather than assuming it plays like the original.

Platform, OpenRGS and partner studios

Hacksaw runs its games on its own remote game server, or RGS — the back end that casino operators connect to in order to offer the games. Through a programme called OpenRGS, independent studios can build games on that same platform and distribute them through Hacksaw.

The partner side has grown quickly. In the first half of 2026 the company reported 17 in-house launches and 17 launches from partner studios, with Good Times Studios and Aloha Gaming among the newer partners. A separate arm, Hacksaw Ventures, invests in partner studios, Jinx Gaming being one example. The in-house team puts out roughly five new games a month, according to the same H1 2026 report.

In practice, this means not every game distributed by Hacksaw was designed by Hacksaw's own studio.

Licensing and fairness

Hacksaw supplies its games through its operating company, HGMT Ltd, which holds licences with the Malta Gaming Authority, the UK Gambling Commission, the Hellenic Gaming Commission, Romania's ONJN, the AGCO in Ontario, Spelinspektionen and Spillemyndigheden. A separate company, HGIM Ltd, holds a licence from the Isle of Man Gambling Supervision Commission, and the group also holds several US state licences. Its games are independently tested, and its website reportedly carries an eCOGRA seal.

These are licences held by the supplier. They do not tell you whether a particular game is available to you — that depends on the casino you use and the rules where you live. A supplier's licence also says nothing about the casino itself, so check the operator's own licence as well.

Company snapshot

Founded	2018, Malta
First slot	Stick 'Em (2019)
Listing	Hacksaw AB on Nasdaq Stockholm since 25 June 2025, ticker HACK
IPO	SEK 77 per share, a valuation of roughly €2bn (large-cap segment)
Revenue 2024	€137m
Revenue H1 2026	€116.9m, up 29%
Adjusted EBIT margin, H1 2026	82%
Revenue, last twelve months (H1 2026)	€224m

A note on RTP versions

Most Hacksaw games are released in several RTP versions, and each casino chooses which one to run. The same game can therefore pay back noticeably less at one site than at another. Le Bandit is a clear example: its versions run from 96.34% down to 88.36%.

The published maximum is only what the best version returns. The figure that applies to you is the one shown in the game's own information panel, so check it before you play, every time you play at a new casino.

Summary

Hacksaw Gaming went from scratchcards to one of the most talked-about slot studios in about five years. Its games are mobile-first, visually distinctive and usually high-volatility, with optional feature bets that many players use and some markets restrict. Behind the games sits a proprietary platform that now carries a growing number of partner studios, and a listed company that reports strong margins. As with any supplier, the practical details — RTP version, bet limits and whether feature bets are available — depend on the casino you choose.

Hacksaw Gaming FAQ

When was Hacksaw Gaming founded?

In 2018, in Malta. It began with scratchcards and instant-win games and released its first slot, Stick 'Em, in 2019.

Is Hacksaw Gaming a listed company?

Yes. Its parent, Hacksaw AB, has been listed on Nasdaq Stockholm under the ticker HACK since 25 June 2025.

Which regulators license Hacksaw Gaming?

Its operating company holds licences with the Malta Gaming Authority, the UK Gambling Commission and several other regulators, plus a number of US state licences. A supplier licence is not the same as a casino licence, and it does not determine where you can play.

Why does the same Hacksaw slot pay back differently at different casinos?

Most of its games come in several RTP versions and the casino picks one. Check the RTP in the game's information panel before you start.

What is OpenRGS?

It is Hacksaw's programme for third-party studios: they build games on Hacksaw's game server and distribute them through it. In the first half of 2026, as many partner-studio games launched on the platform as in-house ones.

What are FeatureSpins?

Optional spins that cost more than a normal spin in exchange for a better chance of reaching a bonus feature. They do not make a game pay back more over the long run, and they are not offered everywhere.