Marcus Cordes founded Hacksaw Gaming in Malta in 2018, starting with scratch cards before releasing the first slot, Stick 'Em, in September 2019. The pivot to slots accelerated fast. By 2021, Wanted Dead or a Wild (96.38% RTP, 12,500x) became one of the most-played online slots globally and won the studio EGR Rising Star recognition. Revenue jumped from €67M (2023) to €137M (2024), with an 84% EBIT margin placing Hacksaw among the most profitable operators in iGaming. The 2023 launch of OpenRGS marked a strategic inflection: Hacksaw transformed from a content studio into a platform operator, hosting eight third-party developers and distributing 46 of 91 games released in 2025 through partner studios. Awards piled up: EGR Instant Win of the Year (2019), SBC Slot Developer (2022), EGR Rising Star Gold (2023), EGR Slot Provider of the Year (2024). In June 2025, Hacksaw AB debuted on Nasdaq Stockholm under ticker HACK at a €2B valuation, raising €306M in an oversubscribed offering. The company now employs 120+ people across offices in Malta and Sweden. From a single scratch card to 293 games and a public listing in seven years.
out of 5
Updated: March 24, 2026 by
Lily Adams
Hacksaw Gaming
Best Slots & Online Casinos List
64 slots tracked in our database, 96.27% average RTP, 30,000x max win on Chaos Crew 3. Hacksaw Gaming is a Malta-born studio that went from scratch cards to Nasdaq Stockholm (ticker: HACK, €2B valuation) in seven years. Every single slot in our database sits above 96.00% RTP. All 64 offer bonus buy. The studio's DNA is high volatility: 37 of 64 tracked games sit at vol 4-5 on their internal scale, with six titles hitting 20,000x or higher. Wanted Dead or a Wild (96.38% RTP, 12,500x, DuelReels mechanic) remains their flagship after five years. The catch: four configurable RTP tiers from 96% down to 88% mean actual returns depend on which casino you play at. Revenue doubled to €137M in 2024, with an 84% EBIT margin that makes Hacksaw one of the most profitable studios in iGaming. This is the provider for players chasing five-figure multiplier hits, not low-variance session grinding. Pragmatic Play offers more games (500+), Nolimit City pushes higher ceilings (150,000x), but Hacksaw's combination of consistent 96%+ RTP defaults, universal bonus buy, and financial stability places it in the top tier. Our rating: 4.3/5.
293+
Games
32+
Casinos
2018
Founded
4.3/5
Our Rating
64
Total Games
96.27%
Avg RTP
30,000x
Max Win
96.09–96.42%
RTP Range
0
High Vol Slots
64
Bonus Buy
Volatility Distribution
Game Features
Top Hacksaw Gaming Slots 2026
Our highest-rated games from this provider
All Hacksaw Gaming Slot Games
Browse and filter 64 games from Hacksaw Gaming
96.42%
Top RTP
30,000x
Max Win
0
Favorites
11/64
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Hacksaw Gaming
2 Wild 2 Die

Hacksaw Gaming
Eye of the Panda

Hacksaw Gaming
Wanted Dead or a Wild

Hacksaw Gaming
Zeus Ze Zecond

Hacksaw Gaming
Cursed Seas

Hacksaw Gaming
Mayan Stackways

Hacksaw Gaming
Frank’s Farm

Hacksaw Gaming
Dark Summoning

Hacksaw Gaming
Chaos Crew 2

Hacksaw Gaming
Booze Bash

Hacksaw Gaming
Sun Princess
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Hacksaw Gaming High Volatility Slots
For players seeking big wins and thrilling gameplay
Hacksaw Gaming Highest RTP Slots
Games with the best return to player percentages
Expert Rating
Detailed Hacksaw Gaming evaluation by our team
Game Selection
293 titles as of late 2025, with 91 released in that year alone. Our database tracks 64 slots. Catalog size sits between BGaming (250+) and Play'n GO (350+), behind Pragmatic Play (500+). The portfolio is slot-heavy with zero table or live dealer games. But 100% bonus buy penetration across all 64 tracked slots and three distinct franchises (Chaos Crew, Le Series, Wanted) give the catalog more identity per title than multi-category competitors.
Graphics & Sound
Hacksaw's art direction blends 2D cartoon aesthetics with darker thematic contrasts across 64 tracked titles. Hand of Anubis (Egyptian mythology, vol 5) and Wanted Dead or a Wild (Western noir, 96.38% RTP) demonstrate tonal range. The Le Series runs a recurring raccoon character across six games with consistent visual identity. Mobile-first development ensures clean rendering on small screens. A tier above BGaming's flat 2D style, though not at Push Gaming's cinematic level.
Bonus Features
100% of 64 tracked slots offer both free spins and bonus buy, the highest penetration rate among providers we track (BGaming: 92%, Pragmatic Play: ~60%). Four proprietary mechanics (DuelReels, EchoSpins, Stack'n'Sync, Hoppers) create structural variety beyond standard free spin rounds. DuelReels in Wanted Dead or a Wild runs crossed multiplier reel sets. Hit frequency averages ~30.5% across tracked titles. More accessible than Nolimit City's extreme mechanic family, more inventive than most mid-tier studios.
High Volatility
30,000x max win on Chaos Crew 3, with six titles at 20,000x or higher. Average max win across 64 tracked slots: 12,687x, well above BGaming's 9,178x. On Hacksaw's internal 5-point scale, 37 slots (57.8%) sit at vol 4-5. The floor is 5,000x and the ceiling is 30,000x. For multiplier-chasing players, this is a top-3 provider alongside Nolimit City and Push Gaming. The only reason it's not 5.0: Nolimit City pushes to 150,000x, and Hacksaw's actual recorded max is 30,000x.
Innovation
Four proprietary named mechanics (DuelReels, EchoSpins, Stack'n'Sync, Hoppers) place Hacksaw in the top innovation tier. OpenRGS (launched 2023) transformed the studio from a content maker into a platform operator hosting eight third-party studios. The scratch card origin story is unique among top-10 slot providers. 91 releases in 2025 across in-house and platform titles. The Le Series franchise model, with a recurring character across six games, is a branding approach few competitors attempt.
Safety & Security
MGA + UKGC dual licensing is the regulatory gold standard, matched by few mid-size providers. eCOGRA certified, ISO 27001 for information security, independent RNG testing. Licensed across 10+ jurisdictions including Ontario and US states. No fines or regulatory actions on record. The weakness: four configurable RTP tiers from 96% down to 88% give operators wide latitude. Many UK casinos run the 94% setting. Hacksaw doesn't publicly track which casinos use which tier. Transparency score: 5/10.
Overall
From scratch card startup (2018) to Nasdaq Stockholm at €2B valuation (June 2025) in seven years. €137M revenue in 2024 with 84% EBIT margin. 64 tracked slots averaging 96.27% RTP, 100% above 96.00%, 30,000x max win ceiling, 100% bonus buy. Four proprietary mechanics, dual MGA + UKGC licensing. The weaknesses: four-tier configurable RTP, no table or live games, smaller catalog than full-stack providers. For high-volatility slot players, Hacksaw is a top-3 pick. The financial performance and public listing validate what the player base already demonstrated.
About Hacksaw Gaming
Company overview and key information
Licensing & Trust
Hacksaw Gaming's regulatory standing and certifications
Hacksaw Gaming holds licenses from the Malta Gaming Authority (MGA) and the UK Gambling Commission (UKGC), the two most respected regulators in online gambling. Additional licenses cover Sweden, Romania, Greece (Hellenic Gaming Commission), Denmark, Isle of Man (Gambling Supervisory Commission), Ontario (AGCO), and multiple US states including Pennsylvania. The dual MGA + UKGC combination is the industry gold standard, matched by few providers outside Evolution and Pragmatic Play. Games carry eCOGRA certification for fairness testing and the company holds ISO 27001 for information security management. Independent RNG testing confirms unbiased outcomes across the full catalog. No regulatory fines, suspensions, or public complaints on record at any jurisdiction. The US market entry is notable: Hacksaw went live on Caesars' platforms in Pennsylvania, signaling expansion into regulated American markets. Compared to BGaming (MGA + 17 jurisdictions, no UKGC), Hacksaw's regulatory standing is stronger at the top tier despite covering fewer total markets. For players, the MGA + UKGC + eCOGRA + ISO 27001 stack places Hacksaw in the highest trust category alongside the industry's largest operators.
Malta Gaming Authority
Gaming License
UK Gambling Commission
Gaming License
Swedish Gambling Authority
Gaming License
Romania (ONJN)
Gaming License
Greece (Hellenic Gaming Commission)
Gaming License
Denmark
Gaming License
Isle of Man (Gambling Supervisory Commission)
Gaming License
Ontario (AGCO)
Gaming License
Pennsylvania
Gaming License
Multiple US States
Gaming License
eCOGRA
Testing Agency
ISO 27001
Testing Agency
Hacksaw Gaming Awards
Industry recognition and accolades
Instant Win of the Year
EGR B2B Awards
Rising Star
EGR B2B Awards
Slot Developer of the Year
SBC Awards
Slot Supplier Rising Star (Gold)
EGR B2B Awards
Best Game Developer
Kongebonus Awards
Best Sequel Slot (Chaos Crew 2)
Kongebonus Awards
Slot Provider of the Year
EGR B2B Awards
Instant Win of the Year
EGR B2B Awards
Slot Supplier Rising Star
EGR B2B Awards
Nasdaq Stockholm IPO (ticker HACK)
Corporate Milestone
Signature Mechanics
Proprietary game features unique to Hacksaw Gaming
DuelReels
Two synchronized reel sets running in parallel with crossed multipliers. Active wilds on one set boost wins on the other, creating compounding multiplier potential during free spins.
EchoSpins
Winning spin configurations replay automatically with escalating multiplier values on each echo. The same reel positions lock while multipliers increase, turning a single win into a chain of growing payouts.
Stack'n'Sync
High-value symbol stacks lock across multiple reels simultaneously. When stacks align, they synchronize to fill entire reels with matching symbols, generating full-screen win potential.
Hoppers
Multiplier symbols hop between reel positions on each spin during bonus rounds. Their landing position determines which wins receive the multiplier boost, adding positional variance to each free spin.
FeatureBuy
Every Hacksaw slot includes a direct bonus buy option at multiple price tiers. Players choose between standard, enhanced, or maximum bonus entry levels, each with different multiplier potential and starting conditions.
OpenRGS
Hacksaw's proprietary Remote Gaming Server platform launched in 2023. Hosts eight third-party studios, enabling smaller developers to build and distribute games through Hacksaw's infrastructure. 46 of 91 games released in 2025 came through OpenRGS.
Hacksaw Gaming Game Series
Franchise collections and sequel families
Chaos Crew Series
Le Series Series
Pray Series Series
Pros and Cons of Hacksaw Gaming
Weighing the strengths and limitations
Pros
Benefits
100% of 64 tracked slots sit above 96.00% RTP with a 96.27% average and zero games below 95.00%, beating BGaming's 92% above-96 rate and Pragmatic Play's ~75%
30,000x max win on Chaos Crew 3, six titles at 20,000x+, and a 12,687x average across 64 slots, exceeding BGaming's 27,000x ceiling and 9,178x average
100% bonus buy penetration across all 64 tracked slots, the highest rate among providers we analyze (BGaming: 92%, Pragmatic Play: ~60%)
Four proprietary mechanics (DuelReels, EchoSpins, Stack'n'Sync, Hoppers) plus OpenRGS platform hosting 8 third-party studios since 2023
MGA + UKGC dual licensing with eCOGRA certification and ISO 27001 security, matching the regulatory gold standard held by only Evolution and Pragmatic Play among top providers
€137M revenue (2024) with 84% EBIT margin, Nasdaq Stockholm listed at €2B valuation (June 2025), proving long-term financial stability for players and partners
91 new releases in 2025 at roughly one per week, split between 45 in-house titles and 46 via OpenRGS partner studios
Cons
Things to consider
Four configurable RTP tiers from 96% down to 88%, with many UK casinos reportedly running 94% rather than the published 96% default, and no public disclosure of which casinos use which tier
Zero Megaways titles, zero table games, zero live dealer, zero progressive jackpots: a slots-only portfolio that lacks the category breadth of Pragmatic Play (slots + live + table) or Evolution (full stack)
57.8% of slots sit at vol 4-5 on Hacksaw's scale, making the catalog skew heavily toward high variance with limited options for session players who prefer low-volatility gameplay
293 total games trails Pragmatic Play (500+), Play'n GO (350+), and NetEnt's legacy catalog, limiting variety for operators seeking a single broad-catalog supplier
No provably fair titles, unlike BGaming's 20+ cryptographically verifiable games, a growing expectation among crypto-native casino audiences
Theme concentration: 52% of tracked slots (33/64) fall under Fantasy, with limited genre diversity compared to multi-theme studios like Pragmatic Play or Play'n GO
Hacksaw Gaming RTP Analysis
Return to player transparency and statistics
96.27% average RTP across 64 tracked Hacksaw slots. Median: 96.27%. Floor: 96.09% on Toshi Ways Club. Ceiling: 96.42% on Eternal Duel. 100% of tracked games sit at or above 96.00%. Zero below 95.00%. That 100% above-96 rate beats BGaming (92%) and Pragmatic Play (~75%). Highest-RTP titles: Eternal Duel (96.42%), Stormforged (96.41%), Wanted Dead or a Wild (96.38%), Superstar Sevens (96.37%), Dark Summoning (96.36%). The critical caveat: Hacksaw ships each game with four RTP configurations at 96%, 94%, 92%, and 88%. Casino operators choose which tier to activate. Most UK casinos reportedly run the 94% variant. Players must check the in-game info screen before spinning. Hacksaw does not publicly disclose which casinos use which RTP setting, unlike some competitors who maintain operator-facing RTP registries. Transparency score: 5/10. The default 96%+ tier is excellent. The four-tier system, combined with no public tracking, costs significant points. Compare to BGaming: similar multi-variant approach but with provably fair verification on 20+ titles. Bottom line: 100% of tracked Hacksaw slots return above 96% at default settings, but verify your casino's active configuration every time.
Hacksaw Gaming Game Features
Mechanics, innovations, and gameplay analysis
100% of 64 tracked Hacksaw slots include both free spins and bonus buy. That 100% bonus buy rate is unmatched: BGaming hits 92%, Pragmatic Play sits around 60%. Four proprietary mechanics separate Hacksaw from the pack. DuelReels (Wanted Dead or a Wild, Warrior Ways, Gladiator Legends) runs two synchronized reel sets with crossed multipliers. EchoSpins (Itero) replays winning configurations with escalating values. Stack'n'Sync (Mayan Stackways, Le Bandit, Densho) locks high-value stacks across reels. Hoppers (Hop N Pop, Harvest Wilds) sends multiplier symbols bouncing between positions. 98.4% of tracked slots carry wilds (63/64, Hand of Anubis is the sole exception). All 64 include scatters. Zero Megaways titles in the catalog. Hacksaw builds custom grid systems rather than licensing Big Time Gaming's framework. Hit frequency ranges from 18% (RIP City) to 48% (Drop 'Em) across standard titles, averaging ~30.5%. Compared to Nolimit City's xNudge/xWays/xPays family, Hacksaw's mechanics are less extreme but more accessible. The studio's bread-and-butter: cascading multiplier systems with FeatureBuy at every price point across the full 64-slot catalog.
Hacksaw Gaming History
Key milestones and achievements
Hacksaw Gaming Founded
Marcus Cordes established Hacksaw Gaming in Malta, initially focused on scratch cards and instant-win games for mobile platforms.
First Slot Launch
Released Stick 'Em, the studio's first slot game. Won Instant Win of the Year at EGR B2B Awards. Secured partnerships with Relax Gaming, iSoftBet, and Microgaming Quickfire.
Wanted Dead or a Wild
Released their flagship slot with the DuelReels mechanic (96.38% RTP, 12,500x max win). The title became one of the most-played slots in online casinos globally. Won EGR Rising Star.
SBC Slot Developer of the Year
Won SBC Slot Developer of the Year. Expanded licensing to Sweden, Romania, and Greece. Portfolio grew past 100 titles including scratch cards and slots.
OpenRGS Platform Launch
Launched OpenRGS, a proprietary Remote Gaming Server hosting third-party studios. Won EGR Slot Supplier Rising Star (Gold) and Kongebonus Best Game Developer. Revenue hit €67M.
EGR Slot Provider of the Year
Won EGR Slot Provider of the Year. Revenue doubled to €137M with 84% EBIT margin. Expanded into Ontario and US markets.
Nasdaq Stockholm IPO
Hacksaw AB debuted on Nasdaq Stockholm (ticker: HACK) at €2B valuation in June. 91 games released (45 in-house, 46 via OpenRGS). Portfolio reached 293 titles. Revenue grew 44% to approximately €197M.
Continued Expansion
Releasing roughly one slot per week. Newest title: Eternal Duel (96.42% RTP, 15,000x, March 2026). Expanded US state licensing. OpenRGS now hosts 8+ partner studios.
Other Game Providers
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Our Verdict
Final thoughts on Hacksaw Gaming
64 slots tracked in our database, 96.27% average RTP, 30,000x max win on Chaos Crew 3. Hacksaw Gaming is a Malta-born studio that went from scratch cards to Nasdaq Stockholm (ticker: HACK, €2B valuation) in seven years. Every single slot in our database sits above 96.00% RTP. All 64 offer bonus buy. The studio's DNA is high volatility: 37 of 64 tracked games sit at vol 4-5 on their internal scale, with six titles hitting 20,000x or higher. Wanted Dead or a Wild (96.38% RTP, 12,500x, DuelReels mechanic) remains their flagship after five years. The catch: four configurable RTP tiers from 96% down to 88% mean actual returns depend on which casino you play at. Revenue doubled to €137M in 2024, with an 84% EBIT margin that makes Hacksaw one of the most profitable studios in iGaming. This is the provider for players chasing five-figure multiplier hits, not low-variance session grinding. Pragmatic Play offers more games (500+), Nolimit City pushes higher ceilings (150,000x), but Hacksaw's combination of consistent 96%+ RTP defaults, universal bonus buy, and financial stability places it in the top tier. Our rating: 4.3/5.
Hacksaw Gaming FAQ
Common questions about Hacksaw Gaming slots and casinos
Hacksaw Gaming is a leading online slot game developer with 64 games in their portfolio. They are known for creating high-quality slot games with an average RTP of 96.27% and maximum win potential up to 30,000x your bet.
Safety & Responsible Gambling
Playing Hacksaw Gaming slots should be fun. Always gamble responsibly — set deposit limits, take breaks, and never chase losses. If gambling stops being enjoyable, seek help immediately.
64 games analyzed · Updated monthly
Every Hacksaw Gaming slot. Rated and reviewed.
All ratings are based on expert analysis of RTP, volatility, max win potential, and gameplay quality. Casino recommendations are independently verified for safety and fairness.
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