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Hacksaw Gaming is the Malta-run slot studio behind Wanted Dead or a Wild, Le Bandit and the Chaos Crew series. Founded in 2018, it does not run casinos: it builds Hacksaw slots, scratchcards and instant-win games and supplies them to licensed operators. Its parent, Hacksaw AB, has been listed on Nasdaq Stockholm since June 2025.
This Hacksaw Gaming review starts with what players ask most: the best Hacksaw Gaming slots, the newest releases, how RTP versions work, free demos and how to choose a casino.
It then answers the questions other pages skip: who owns the studio, who the CEO is, which companies actually hold the licences, and what its regulatory record looks like. Facts come from Hacksaw’s game pages, its audited annual report, company releases, the UK Gambling Commission and Swedish licence registers and a Swedish court judgment, all checked on 18 October 2026.
Short answer: it is a well-licensed, fast-releasing studio that publishes more game data than many studios, including volatility, max win and, on some slots, every RTP version. Most slot pages publish no RTP, and where versions are listed the lowest sit around 86โ88%. Its record includes a Swedish warning and a US lawsuit that, as far as we could find, is unresolved. Check the RTP inside the game before you stake real money.
Jump to: games, best Hacksaw Gaming slots, RTP versions, demo slots, choosing a casino and who owns Hacksaw Gaming.
Hacksaw Gaming at a Glance (Checked 18 October 2026)
Hacksaw Gaming Games: Slots, Scratchcards, Instant Win and Crash
Hacksaw Gaming games cover more formats than most slot studios. Its website splits them into slots, scratchcards, instant-win games and, since September 2026, crash. The homepage still says “more than 250 games”, but the group’s reports give more recent counts, which include titles from third-party studios that use Hacksaw’s platform:
| Measure | Figure | Source |
|---|---|---|
| Total games, end of 2025 | About 293: about 225 slots, 54 scratchcards, 14 instant-win | Annual Report 2025 |
| Third-party games inside that total | 76 OpenRGS games from eight studios | Annual Report 2025 |
| Released games, 30 June 2026 | 354 (241 a year earlier) | Q2 2026 interim report |
| Hacksaw titles on its own site, 18 Oct 2026 | 187 slots, 52 scratchcards, 14 instant-win, 1 crash | Our count of hacksawgaming.com |
| Releases in 2025 | 45 in-house and 46 third-party games | Annual Report 2025 |
| In-house releases, Q2 2026 | 17 (11 a year earlier), plus 17 OpenRGS games | Q2 2026 interim report |
- Scratchcards: 52 on the brand site when we counted. They have no detail pages, so no RTP is published for them there.
- Crash: Moneyplane was announced on 7 September 2026, and its game page gives a 24 September release date. The company says it has five RTP settings from 92% to 98% and a 10,000x maximum win.
- Megaways and progressive jackpots: we found neither in the official listings. Some Hold & Win games, such as Le Bandit Hold & Win, have fixed jackpot tiers inside the game, which is not the same as a shared progressive pool.
The company says it moved from three to four games a month during 2025. In July 2026 its interim CEO said the in-house cadence had risen from four to five games a month, which she called the new normalised level. That is a fast pace for a slot studio.
Dare2Win Instant-Win Games: Plinko, Twenty-One and Baccarat
Dare2Win is Hacksaw’s range of quick-result games, including Plinko, Mines, Limbo, Dice, Hi-Lo, Wheel, Baccarat and Twenty-One. These are instant-win formats, not live tables, and several official pages publish more maths than most older Hacksaw slots do:
| Game | What you do | Max win | RTP versions on the page |
|---|---|---|---|
| Plinko | Drop a ball and collect the multiplier where it lands | 3,843.3x | Seven, from 98.98% to 88.20% |
| Twenty-One | Choose 2 to 7 cards and win on totals of 16 to 21 | 1,500x | Six: 98%, 97%, 96%, 94%, 92%, 88% |
| Baccarat | Bet on Player (2x), Banker (1.95x) or Tie (9x) | 9x | None listed |
As with the slots, a casino can run a lower version, so the RTP in the game rules is the one that counts. The Baccarat page lists no RTP, so treat any figure quoted elsewhere for it with caution.
Signature Mechanics: DuelReels, Golden Squares and FeatureSpins
A few features turn up again and again across Hacksaw Gaming slot games:
- DuelReels: in Wanted Dead or a Wild, a VS symbol that is part of a win expands into a wild reel, and the winning duelist’s multiplier applies to every win through that reel.
- Golden Squares and Super Cascades: Le Bandit marks the position of each winning symbol, and a Rainbow symbol turns the marked squares into coins, clovers and pots of gold.
- BonusHunt FeatureSpins: on Le Bandit you pay 3x your stake per spin for 5x better odds of triggering a bonus, per the game page.
- Epic Drop and Hidden Epic Bonus: Epic Drop appears in Chaos Crew 2 and 3. In Chaos Crew 3, five scatters start the Hidden Epic Bonus.
- Bonus Buy: many titles let you buy straight into a bonus where the market and casino allow it. Some top bonuses, such as Le Bandit’s Treasure at the End of the Rainbow, cannot be bought. In January 2020 the UK Gambling Commission told licensees not to offer feature buy-ins to British customers, as trade press reported at the time, so do not expect the option on UK-licensed sites.
Two official game pages publish their buy prices, which shows how quickly the costs add up:
| Game | Cheapest option | Mid options | Direct bonus buy |
|---|---|---|---|
| Wishbringer | BonusHunt FeatureSpins, 5x bet | Genie's Wish FeatureSpins 50x; Genie's Magic FeatureSpins 200x | Arabian Nights bonus, 110x (where permitted) |
| Eye of the Panda | BonusHunt FeatureSpins, 3x bet | Panda-licious FeatureSpins, 50x | 100x or 200x, depending on the bonus |
Prices differ from game to game, and the buttons only appear where the market and casino allow them.
OpenRGS: Other Studios on Hacksaw's Platform
Hacksaw was founded to build a remote gaming server (RGS), and since 2023 it has offered that platform to other studios as OpenRGS. Eleven partner studios used it by 30 June 2026. The company says its own testing department checks OpenRGS games for compliance. When a casino lobby files a game under Hacksaw, it may be an OpenRGS partner title rather than an in-house one, so check the studio logo on the loading screen.
Hacksaw Gaming Slots on Mobile
In a 2020 company interview the then COO stressed a mobile-first approach. The 2019 Pocketz series was announced as “extremely optimized for mobile devices”. Games load in the browser through Hacksaw’s launcher. We have not run device tests, and how a game feels on a phone also depends on the casino’s site or app.
Best Hacksaw Gaming Slots: Our Shortlist With Official Data
We found no official ranking of the best Hacksaw Gaming slots, and the company does not say which titles make up its top ten. We picked these from its flagship franchises and most-covered releases, plus two 2026 titles with standout maths. Hacksaw publishes volatility (on a 1โ5 scale) and max win on many of its game pages, so the figures below are official unless marked otherwise.
| Game | Released | Volatility | Format | Max win |
|---|---|---|---|---|
| Wanted Dead or a Wild | Autumn 2021 | 4/5 | 5x5, 15 paylines | 12,500x |
| Le Bandit | Aug 2023 | 3/5 | 6x5, cluster pays | 10,000x |
| Chaos Crew 3 | Sep 2025 | Not shown | Grid slot with multipliers | Not shown |
| Chaos Crew 2 | 2023 | 5/5 | 19 paylines | 20,000x |
| Chaos Crew | Sep 2020 | 5/5 | 19 paylines | 10,000x |
| RIP City | By Jan 2023 | 3/5 | 19 paylines | 12,500x |
| Densho | Not published | 4/5 | 10 paylines | 10,000x |
| Drop'em | Not published | 4/5 | 7,776 ways | 10,000x |
| Eye of the Panda | Not published | 3/5 | 27 paylines | 10,000x |
| Benny the Beer | Not published | 3/5 | 100,000 ways | 10,000x |
| Epic Ze Zeus | 18 Aug 2026 | 5/5 | Cluster pays | 50,000x |
| Le Prechaun | 16 Jul 2026 | 3/5 | Cluster pays | 15,000x |
Wanted Dead or a Wild Hacksaw Gaming Slot: The Wild West Duel
If one game defines the studio, it is Wanted Dead or a Wild. Hacksaw Gaming lists it as a 5×5 grid with 15 paylines, volatility 4 out of 5 and a 12,500x max win. DuelReels power the base game, and there are three bonus games. In The Great Train Robbery every wild that lands is sticky, Duel at Dawn makes several VS symbols far more likely, and Dead Man’s Hand collects wilds and multipliers before a Showdown phase uses them.
The game page lists four RTP versions: 96.38%, 94.55%, 92.33% and 88.42%. It also offers a Bonus Buy “to skip the wait at the saloon”, where your market allows it.
Hacksaw Gaming Le Bandit: The Cluster-Pays Leprechaun
The Hacksaw Gaming Le Bandit slot arrived in August 2023 and is the best-known title in the studio’s growing “Le” series. It is a 6×5 cluster-pays game rated 3 out of 5 for volatility, with a 10,000x max win. Three, four or five free-spins symbols open increasingly generous bonuses. The top one, Treasure at the End of the Rainbow, guarantees a Rainbow on every spin and cannot be bought.
Its RTP versions are 96.34%, 94.23%, 92.17% and 88.36%. A Hold & Win version with four fixed jackpots and a 2,500x max win followed in September 2026.
Chaos Crew 3 and the Chaos Crew Series
The Chaos Crew 3 Hacksaw Gaming slot launched in September 2025 and brings back the crew with a Cranky Cat wild multiplier and the Epic Drop feature. Three, four and five scatters trigger CTRL + ALT + CHAOS, The Korrupted K9 and the Hidden Epic Bonus, each with three refilling lives.
Its official page shows no RTP, volatility or max win. Third-party slot sites commonly list a top RTP of 96.18% and a 30,000x maximum win, but Hacksaw’s own page shows neither, so treat them as unconfirmed and check the paytable at your casino before relying on any figure quoted elsewhere.
Chaos Crew 2 is officially 5 out of 5 volatility with a 20,000x max win. The original, released in September 2020, is listed at 10,000x with three RTP versions.
RIP City, Densho, Drop'em and Eye of the Panda
RIP City is a 19-payline slot rated 3 out of 5 for volatility with a 12,500x max win. Densho is a 10-payline game rated 4 out of 5 with a 10,000x cap. Drop’em uses 7,776 ways, is rated 4 out of 5 and also tops out at 10,000x.
Eye of the Panda is one of the calmer options on our list: 27 paylines, 3 out of 5, a 10,000x max win, Super Cascades and Wild Panda multipliers from x2 to x10. All four list four RTP versions on their official pages, each starting at about 96.2โ96.4%.
| If youโฆ | Try | Why |
|---|---|---|
| Want the studio's best-known game | Wanted Dead or a Wild | Three distinct bonus games and DuelReels; 4/5 volatility |
| Are new to Hacksaw | Le Bandit, RIP City or Eye of the Panda | All rated 3/5, the lowest rating on our shortlist |
| Prefer cluster pays to paylines | Le Bandit or Le Prechaun | Cascades and Golden Squares; both 3/5 volatility |
| Chase big ceilings at top volatility | Epic Ze Zeus or Chaos Crew 2 | 50,000x and 20,000x max wins, both 5/5 (Arizona James lists 25,000x at 3/5) |
| Want quick results instead of reels | Plinko or Twenty-One (Dare2Win) | Instant-win formats with published RTP versions |
Hacksaw Gaming New Slot Releases in 2026
Looking for the latest Hacksaw Gaming new slot? Official release dates are printed on the game pages for 2026 titles. These are the most recent we found, newest first:
| Released | Game | Max win | Note |
|---|---|---|---|
| 15 Oct 2026 | The Jade Path Hold & Win | โ | Newest release on the official site when we checked |
| 8 Oct 2026 | Wicked Grin | โ | Rated 3/5 for volatility |
| 1 Oct 2026 | Le Vampire | โ | Lists five RTP versions, including a 97% version |
| 29 Sep 2026 | Dr Zappo | 10,000x | Three bonus games |
| 24 Sep 2026 | Moneyplane | 10,000x | First crash game |
| 17 Sep 2026 | Fist of Destruction Megamultiplier | 15,000x | Rated 5/5 for volatility |
| Sep 2026 | Le Bandit Hold & Win | 2,500x | Four fixed jackpots |
| 25 Aug 2026 | Arizona James and the Lost Relics | 25,000x | Second-highest max win we found; rated 3/5 |
| 18 Aug 2026 | Epic Ze Zeus | 50,000x | Highest max win we found |
| 16 Jul 2026 | Le Prechaun | 15,000x | Top RTP version 97.52% |
A dash means we did not record a max win for that title. Other September releases listed in the company’s round-up include Great Game Serengeti (5,000x), Tres Pinatas Hold & Win (2,500x) and 3 Magic Piggy Banks Hold & Win (2,500x).
Hacksaw Gaming RTP: Four Versions of the Same Slot
RTP (theoretical return to player) is the share of all stakes a game is designed to pay back over millions of spins. For some games, Hacksaw Gaming RTP figures are unusually easy to find: the official page has a “game data” block that lists every RTP version. Roughly 40 of the 139 slot pages on its site publish such a list. Most publish none.
Where versions are listed, most pages show four: roughly 96%, 94%, 92% and 88% (or 86% on many newer titles). Players sometimes call these RTP variants or RTP settings. A few pages list three, and a few list five, including a version above 97%. The pages do not say who picks the version. Across the industry it is normally the casino that chooses which version it runs, so the same Hacksaw slot can pay back less at one site than at another.
| Game | Version 1 | Version 2 | Version 3 | Version 4 | Version 5 |
|---|---|---|---|---|---|
| Wanted Dead or a Wild | 96.38% | 94.55% | 92.33% | 88.42% | โ |
| Le Bandit | 96.34% | 94.23% | 92.17% | 88.36% | โ |
| Chaos Crew 2 | 96.27% | 94.22% | 92.41% | 88.28% | โ |
| RIP City | 96.22% | 94.27% | 92.32% | 88.02% | โ |
| Densho | 96.40% | 94.38% | 92.33% | 88.34% | โ |
| Eye of the Panda | 96.26% | 94.21% | 92.25% | 88.31% | โ |
| Benny the Beer | 96.17% | 94.17% | 92.28% | 88.26% | โ |
| Chaos Crew | 96.30% | 92.40% | 88.40% | โ | โ |
| Epic Ze Zeus | 96.22% | 94.16% | 92.35% | โ | โ |
| Le Prechaun | 97.52% | 96.28% | 94.29% | 92.28% | 86.31% |
| Chaos Crew 3 | Not shown | โ | โ | โ | โ |
What does the spread mean in money? On ยฃ1,000 of total stakes, the top version of Wanted Dead or a Wild is designed to return about ยฃ964 on average, while the 88.42% version returns about ยฃ884. That is a theoretical gap of roughly ยฃ80 on the same game. These are long-run averages: one session can end far above or below either figure, and every version keeps a house edge.
Compared with studios that publish no RTP at all, this is real transparency for the games that list it. It still leaves you with a job to do, because the version you meet depends on the casino.
How to Check Your Hacksaw Gaming RTP Version at a Casino
-
Step 1
Open the Hacksaw slot at the casino where you plan to play. Do this at that casino, because a figure from another site may belong to a different version.
-
Step 2
Before you spin, open the game menu and look for the paytable, game rules or the game info panel (the information button).
-
Step 3
Scroll through the rules until you find the stated RTP or theoretical return percentage.
-
Step 4
Compare it with the official versions in our table. For Wanted Dead or a Wild, 96.38% is the top version, and 94.55%, 92.33% or 88.42% means a lower one.
-
Step 5
If you see a lower version, check the same game at another licensed casino or ask support which version they run. If you cannot find any RTP figure, ask before you play.
Highest RTP and Biggest Max Win on the Official Pages
Across the 139 official slot pages, Le Prechaun lists the highest top version at 97.52%, and Le Vampire also offers a 97% version. Outside slots, the Plinko instant-win game lists seven versions from 98.98% down to 88.20%. The biggest slot max win is 50,000x on Epic Ze Zeus, ahead of Arizona James and the Lost Relics at 25,000x and Chaos Crew 2 at 20,000x. Remember that many older games publish no RTP or max win, so this ranking covers only the pages that do.
Are Hacksaw Slots High Volatility? RTP vs Volatility Explained
Not as uniformly as their reputation suggests. Of the 38 official slot pages that show a volatility rating, 21 are rated 3 out of 5, two are rated 2, ten are rated 4 and five are rated 5. The headline games skew higher: Wanted Dead or a Wild is 4, and Chaos Crew 2 and Epic Ze Zeus are 5.
RTP decides how much you lose on average; volatility decides how bumpy the ride is. A 5 out of 5 game can go a long time without a meaningful win, because much of its return sits in rare, large features.
At ยฃ1 a spin, 100 spins on the top Wanted Dead or a Wild version has a theoretical cost of about ยฃ3.62. On the 88.42% version it is about ยฃ11.58, more than three times as much. Real results swing far more than that. Spins are independent, so a game is never “due” a win. Set a budget and a deposit limit before you start.
Hacksaw Demo Guide: How Hacksaw Gaming Demo Slots and Free Play Work
Every game review on FAQsino includes a free demo where the studio allows it, so the place to try a Hacksaw demo is our game reviews. Hacksaw Gaming free play uses play money: nothing you win has any cash value, and nothing can be withdrawn or moved to a real-money account. People who search for a demo Hacksaw Gaming slot usually want to test the mechanics without risking money, which is what play-money mode is for.
- Age checks apply. UK-licensed casinos must verify your age before they let you play free demos.
- The RTP may differ. A Hacksaw Gaming slots demo may not run the same RTP version as the casino where you later play for real money.
- Bonus Buy is free only in a demo. Buying a bonus with play money costs nothing. Where real-money bonus buys are offered, they are priced as a multiple of your bet, so one priced at 100x costs โฌ100 at a โฌ1 stake.
- Demos do not predict results. A lucky demo run says nothing about the next real spin.
Hacksaw Gaming demo slots are a good way to learn how DuelReels or Golden Squares work before you risk anything. If free play starts making you want to chase real-money wins, our Responsible Gambling page lists tools and free support.
Is There a Hacksaw Gaming Fun Website or Player Community?
Searches for a “Hacksaw Gaming fun website player community” usually come from players who want free demos or somewhere to talk about the games.
We found no official Hacksaw Gaming fun website or player community. Hacksaw’s own site is aimed at casino operators and investors, and its community links are standard social media accounts and a merchandise shop. We did find a site on a “.fun” domain that carries the Hacksaw name, but it is a casino promotion page that Hacksaw’s official sites do not link to or mention, so do not treat it as official.
For demos, use our game reviews. To talk about Hacksaw slots with other players, join the discussion in our forum, linked further down this page.
Who Owns Hacksaw Gaming? Parent Company and Shareholders
Hacksaw Gaming belongs to Hacksaw AB (publ), a Swedish holding company registered in Stockholm. Its shares started trading on Nasdaq Stockholm under the ticker HACK on 25 June 2025, at an offer price of SEK 77, which valued the group at about SEK 22bn. Existing shareholders sold about 15% of the shares in the offering, so the company itself raised no new money.
No single shareholder controls the group. The Annual Report 2025 lists the ten largest holders at 31 December 2025, with data from Modular Finance. Together they held 60.8% of the shares, and votes equal capital.
| Shareholder | Share of capital and votes | Note |
|---|---|---|
| Fractional Holding AB | 16.9% | Controlled by Karl Rausing, per Placera/Affรคrsvรคrlden (June 2025) |
| Lollipop Assets Ltd | 9.9% | Represented on the nomination committee |
| Frederic Herz | 6.6% | Hacksaw AB board member |
| Jonas Ejevรคrn | 5.2% | |
| Burwood Holding Ltd, Tension Pty Ltd, Ashwood Holdings Pty Ltd, The Soybean Trust | 4.2% each | Owners behind these holders not published |
| Wise Capital AB | 2.8% | |
| Grenobel Ltd | 2.5% |
The group’s live ownership page did not load when we checked, so these year-end figures are the latest we could read from a primary source. Holdings may have changed since. The company does not name its founders in its report or on its governance pages, and we do not repeat names that only appear in blogs.
Hacksaw Gaming CEO and Management in 2026
The Hacksaw Gaming CEO question has two answers, because the group uses two CEO titles. Ana Vrabic Verdir is Group CEO of Hacksaw AB. She is a former M&A lawyer who joined the board in 2024. On 30 April 2026 the board released Christoffer Kรคllberg from his duties as Group CEO and made her interim CEO with immediate effect. On 20 August 2026 the company appointed her permanent Group CEO, also with immediate effect.
Marcus Cordes is Operational CEO of Hacksaw Gaming, the game business. Company news called him COO in 2019 and CEO of Hacksaw Gaming from 2022, which is why some databases still list him as “the CEO”. The rest of the management team is Mikael Rahm (Group CFO since 1 January 2026) and Philippa Gregory (Chief Compliance Officer). Patrick Svensk, formerly chair of Betsson, chairs the board.
Hacksaw Gaming Ltd, HGMT Ltd and the Other Group Companies
People searching for “Hacksaw Gaming Ltd” often assume it holds the licences. It does not. Hacksaw Gaming Ltd is a real Maltese company and the group’s main operating business, and its name appears in the copyright line on the brand website. The annual report says strategic decisions are made at Hacksaw Gaming Ltd in Malta, refers to it as a sub-group, and lists the licence holders as indirect subsidiaries of Hacksaw AB.
The gambling licences, however, are held mainly by two other group companies, HGMT Ltd and HGIM Ltd. Sweden’s licence register also lists Hacksaw Studios AB and Hacksaw Operations Ltd as game-software permit holders:
| Company | Country and number | Role |
|---|---|---|
| Hacksaw AB (publ) | Sweden, 559133-3793 | Listed parent company (Nasdaq Stockholm: HACK) |
| Hacksaw Gaming Ltd | Malta, C 84109 | Main operating company and sub-group; brand copyright holder; 100% owned since June 2025 |
| HGMT Ltd | Malta, C 84111 | Main licence holder: MGA, UKGC (account 54059), Sweden, Denmark, Greece, Romania, Ontario |
| Hacksaw Operations Ltd | Malta, C 84139 | Holds a Swedish game-software permit (register, valid to 30 Jun 2028) |
| HGIM Ltd | Isle of Man, 018989V | Holds the Isle of Man software supply licence |
| Hacksaw Studios AB | Sweden, 559134-8890 | Holds a Swedish game-software permit (register, valid to 30 Jun 2028); party to the 2024 Swedish case |
| HGCU B.V. | Curaรงao | Curaรงao group company |
| Hacksaw Gaming US LLC and state LLCs | United States | US companies for New Jersey, Michigan, West Virginia and Pennsylvania |
The group also has companies in Brazil and Romania. Until June 2025 Hacksaw Gaming Ltd had minority shareholders. On 10 June 2025 Hacksaw AB bought them out in a share swap valued at SEK 3,015m, making the operating company wholly owned ahead of the listing.
Hacksaw Financial Results: What the Group Reports
Hacksaw earns a share of the gross gaming revenue that operators make on its games, and it uses the same model for third-party games on its platform. As a listed company it publishes its numbers, which few slot studios do:
- 2024: revenue EUR 137.1m and adjusted EBIT EUR 116.1m, an 85% margin.
- 2025: revenue EUR 197.5m (+44%), adjusted EBIT EUR 161.4m (an 82% margin), profit EUR 142.8m and a dividend of EUR 0.40 per share.
- First half of 2026: revenue EUR 116.9m (+29%), with an 82% adjusted EBIT margin.
- Third quarter of 2026 (preliminary, 12 October): revenue of about EUR 57.5โ58.5m against EUR 52.0m a year earlier. The company said growth was more moderate, citing softer market conditions and weaker game performance than in recent periods. The full report is scheduled for 3 November 2026.
Its top ten games produced 49% of gross gaming revenue in the second quarter of 2026. These are reported facts, not a view on the shares, and nothing here is investment advice.
Hacksaw Gaming Licences and Regulators
The group publishes its licences on a licences page with 18 entries, and repeats the main ones in the footer of every game page. These are the details it gives, with the companies that hold them:
| Regulator | Licence | Holder and detail |
|---|---|---|
| UK Gambling Commission | 054059-R-331396-007 (account 54059) | HGMT Ltd; Gambling Software and Game Host (Casino), active since 2 Oct 2019 |
| Malta Gaming Authority | MGA/CRP/501/2018 | HGMT Ltd; B2B critical supply, issued 6 Dec 2018, valid to 5 Dec 2028 |
| Spelinspektionen (Sweden) | 23Si638 | HGMT Ltd (also Hacksaw Studios AB and Hacksaw Operations Ltd); B2B software permit, valid to 30 Jun 2028 |
| Spillemyndigheden (Denmark) | 24-432338 | HGMT Ltd; issued 1 Jan 2025, valid to 31 Dec 2029 |
| Isle of Man GSC | Software supply licence | HGIM Ltd; valid to 3 Jan 2027 |
| Hellenic Gaming Commission | HGC-000055-MN | HGMT Ltd; manufacturer suitability, valid to 5 Aug 2028 |
| ONJN (Romania) | L2223924Y001379 | HGMT Ltd; Class 2 software licence |
| AGCO (Ontario) | GRSM1241574 | HGMT Ltd; supplier registration, valid to 23 May 2028 |
| US and other markets | Listed without numbers | West Virginia, Michigan (provisional), Pennsylvania, New Jersey, Connecticut, Alberta, Buenos Aires City, Peru, Curaรงao, Anjouan |
We checked the UK entry on the UKGC public register: HGMT Limited holds both activities, and both are active. The game-page footers still show an older licence suffix (-002), so trust the register. Hacksaw’s UKGC licence is what allows UK-licensed casinos to offer its games to British players, although which titles a casino carries varies.
For what each licence means for you, see our reviews of the UK Gambling Commission, the Malta Gaming Authority, the Swedish Gambling Authority, Denmark’s Spillemyndigheden and the Isle of Man GSC.
Spain and Germany are less clear. Company news from December 2021 says Spain’s regulator certified a first batch of 20 Hacksaw slots, and bet365 extended the studio’s games in Spain in September 2026. Neither country has a licence line on the licences page, so we do not count them as licences. The page shows eCOGRA and ISO 27001 logos but does not name an independent game-testing laboratory.
Regulatory Record: Sweden and California
Sweden. On 23 May 2024 Spelinspektionen gave Hacksaw Studios AB a warning and a SEK 2.6m fee. According to the court’s summary, the company had supplied software to two operators without a Swedish licence. Hacksaw appealed. On 10 April 2025 the Administrative Court in Linkรถping cut the fee to SEK 20,000 but upheld the warning.
The court agreed there had been a serious breach, and found that geoblocking reduced the risk without removing the breach. It also took Hacksaw’s cooperation into account, and accepted that only Swedish turnover counts when setting the maximum fee.
California. Hacksaw AB, Hacksaw Gaming Ltd, HGMT Ltd and HGIM Ltd are named as defendants in a civil suit filed on 28 August 2025 in Los Angeles Superior Court (case 25STCV25304).
The suit was brought on behalf of the People of California against Stake.US and companies the announcement describes as its partners, according to Susman Godfrey, the law firm acting with the Los Angeles City Attorney. It alleges that the defendants operated or aided an illegal gambling enterprise in California. These are allegations, not findings, and as far as we could find the case is unresolved; we found no ruling in the sources we checked.
In September 2025 Hacksaw told the Swedish outlet EFN it had not been formally served. Its 2025 annual report says that during 2025 it stopped, or decided to stop, supplying sweepstakes operators in Louisiana, Montana and California. The UKGC register lists no regulatory actions against HGMT Ltd. We found no other fines or licence actions against Hacksaw companies in the sources we checked, though that search was not exhaustive.
A studio licence means its games were tested for that market. It does not tell you which RTP version a casino runs, or whether the casino is licensed where you live. Check both before you deposit.
— FAQsino Slots & Studio DeskHacksaw Gaming Timeline, 2018 to 2026
Key dates from the sources used on this page, oldest first:
| Date | Milestone | Source |
|---|---|---|
| 2018 | Founded (September 2018, according to the COO in a 2020 company interview) | Annual report / company news |
| 6 Dec 2018 | MGA B2B critical supply licence MGA/CRP/501/2018 issued | Game-page footer |
| 2 Oct 2019 | Current UKGC licence activities start | UKGC register |
| 12 Nov 2019 | Pocketz mobile series launches with OmNom | Company news |
| Sep 2020 | Chaos Crew released | Company news |
| Autumn 2021 | Wanted Dead or a Wild released | Company news |
| 2023 | OpenRGS platform opened to third-party studios; Le Bandit released in August | Group site / company news |
| 23 May 2024 | Swedish warning and SEK 2.6m fee for Hacksaw Studios AB | Court judgment |
| 10 Apr 2025 | Court cuts the Swedish fee to SEK 20,000; warning stands | Court judgment |
| 25 Jun 2025 | First day of trading on Nasdaq Stockholm (HACK) | Company release |
| 28 Aug 2025 | California civil suit naming four Hacksaw companies filed | Law-firm release |
| Sep 2025 | Chaos Crew 3 launched | Company news |
| 30 Apr 2026 | Group CEO Christoffer Kรคllberg released; Ana Vrabic Verdir interim CEO | Company release |
| 20 Aug 2026 | Ana Vrabic Verdir appointed permanent Group CEO | Company release |
| 7 Sep 2026 | First crash game, Moneyplane, announced (game page: released 24 Sep) | Company news / game page |
| 15 Oct 2026 | MGA licence extended to peer-to-peer prediction-market services | Company release |
Hacksaw Gaming Casino Guide: Playing for Real Money
There is no casino run by Hacksaw. Every Hacksaw Gaming casino is a separate operator that holds your money, chooses the RTP version and handles withdrawals. When you play Hacksaw Gaming real money games, the operator matters as much as the game. Check these before you sign up:
- A licence where you live. In Britain that means the UKGC, whose stake-limit guidance also caps online slot stakes (see the box below). UK players are better protected on UKGC-licensed sites.
- The RTP version. Open Wanted Dead or a Wild or Le Bandit and read the rules. A casino running the top versions returns more over time.
- Payout terms. Look for clear withdrawal limits, timescales and verification rules.
- Safer-gambling tools. Deposit limits, time-outs, reality checks and self-exclusion should be easy to find.
- Bonus terms. Check wagering rules and whether specific Hacksaw slots are excluded.
On UK-licensed sites the maximum stake on an online slot is ยฃ5 per game cycle for players aged 25 and over, and ยฃ2 for those aged 18 to 24. Hacksaw's own game pages do not publish bet ranges, so check the range inside the game.
— UK Gambling Commission online slots stake-limit guidanceOur List of Casinos With Hacksaw Games
The company says its games reach more than 3,000 operator brands, so we do not hand-pick names. The “Casinos with Hacksaw Gaming Games” section at the bottom of this page lists every casino we have reviewed that carries the provider Hacksaw Gaming. It is ranked by FAQsino Trust Score and geo-targeted, so you only see casinos relevant to where you are.
How to Recognise a Hacksaw Slot
Casino lobbies do not always show the developer. These clues give a Hacksaw slot away:
- The “Le” prefix: Le Bandit, Le Prechaun, Le Vampire, Le Digger and Le Football Fan all belong to one growing series. Le Viking, like Le Bandit, ties its bonus games to how many free-spin symbols land, from three up to six.
- Suffixes: Hold & Win, OG and Megamultiplier mark new versions of familiar titles.
- Buy and FeatureSpins buttons next to the spin button, where the market allows them.
- Dare2Win branding on instant-win games such as Plinko and Mines.
- The loading screen shows the Hacksaw logo, or an OpenRGS partner’s logo for third-party games.
Hacksaw Gaming vs Nolimit City, Quickspin and Play'n GO
How Hacksaw compares with other slot studios we review, using what each company publishes:
| Studio | Founded | Owner | RTP versions | Bonus buy |
|---|---|---|---|---|
| Hacksaw Gaming | 2018 | Hacksaw AB, listed on Nasdaq Stockholm since 2025 | Usually 4 where listed; about 40 of 139 slot pages list them | On many titles, market-dependent |
| Nolimit City | 2014 | Evolution (deal announced June 2022) | Reduced versions disclosed for some older games | On 120 of 144 game pages |
| Quickspin | 2011 (Stockholm) | Playtech since 2016 | Newer games commonly 4, lowest 84โ87% | On many newer games |
| Play'n GO | Mid-2000s (disputed) | Not published | Not on its own pages; up to 5 commonly listed | Publicly ruled out |
The clearest differences: Hacksaw is the only one of the four that is a stand-alone listed company (Nolimit City and Quickspin belong to larger listed groups, and Play’n GO publishes no ownership), and it shows more RTP data on its own pages than Play’n GO. Nolimit City is the closest match in style, with big-ceiling maths and heavy use of bonus buys. Quickspin uses a similar four-version RTP model. Browse all our slot studio reviews or the full Game Developers hub to compare further.
What We Could Not Verify
As of 18 October 2026 we could not confirm:
- The founders. No primary source names them.
- The owners behind the holding companies on the shareholder list, beyond press reports, or holdings after 31 December 2025.
- Official maths for Chaos Crew 3 and for most older titles, whose pages show no RTP.
- Who chooses the RTP version. The official pages list versions but do not say.
- Hit frequency and bet ranges, which Hacksaw’s game pages do not publish.
- A named test laboratory, or Hacksaw’s licence status in Spain and Germany.
- Award claims on third-party sites, which we could not check with the organisers.
- The outcome of the California suit.
Our Verdict: Hacksaw Gaming Review Summary
Hacksaw Gaming is one of the most open slot studios we have reviewed. It publishes volatility, max win and, for some games, every RTP version on its own pages. Its listed parent reports its owners, results and every group company, and its licence holders are licensed in the UK, Malta, Sweden, Denmark and more. Wanted Dead or a Wild, Le Bandit and the Chaos Crew games earn their reputation, and around five new in-house games a month keep the lobby fresh.
The trade-offs are high volatility on many headline games, RTP versions down to about 86โ88% where listed, and a record that includes a Swedish warning and a US lawsuit that, as far as we could find, is unresolved. Learn the games with a free Hacksaw Gaming demo in our game reviews, check the RTP version at your casino and set a deposit limit before you play.
