Sweden-based slot studio Hacksaw Gaming joined the Nasdaq Stockholm main market on 25 June 2025 in one of the most successful gaming-sector IPOs of the cycle. Shares priced at SEK77 per share gave the studio an enterprise value close to €2bn, and the offering closed heavily oversubscribed with more than 16,000 new shareholders. Ten months on, the listing is reshaping the way UK <a href="/online-casinos/">online casinos</a> source slot content.
Why the IPO mattered to the slots market
Hacksaw is the studio behind viral hits like Wanted Dead or a Wild, Le Bandit, Chaos Crew and the recent DuelReels mechanic. It does not have the volume of Pragmatic Play but punches well above its weight on engagement metrics, and its 84% EBIT margin in 2024 made it one of the most profitable studios in the sector. Public listing gave it both balance-sheet firepower for new mechanics and a public-company governance overlay that operators value.
The IPO also sent a clear signal to the wider studio ecosystem. Studios with distinct mechanical signatures — Hacksaw's DuelReels, Nolimit City's xWays family, Push Gaming's Razor mechanic, Hacksaw's BlitzSpins — are commanding premium valuations regardless of overall game volume. Expect more studios to follow Hacksaw to the public markets in 2026 and 2027, and more M&A activity around mid-tier suppliers.
For UK casinos, the practical effect has been faster Hacksaw integration. By the end of 2025 the studio's full library was live across Bet365 (via the Light & Wonder OGS connection), Sky Vegas, PaddyPower Games, William Hill and Mr Vegas, with smaller operators following through Q1 2026. Five years ago, only a handful of European brands carried the Hacksaw catalogue.
What's in the catalogue UK players can now access
The current Hacksaw library spans roughly 80 titles, with 44 released in 2025 alone — the highest cadence of any high-margin slot studio. Headline titles include Wanted Dead or a Wild (12,500x max win, DuelReels mechanic), Le Bandit (10,000x max win, medium volatility), Chaos Crew, Hand of Anubis, RIP City and the more recent Stormforged and Densho releases.
Hacksaw skews towards stylised cartoon art, contained max-win ceilings of around 10,000x to 12,500x, and tightly defined bonus features. That makes the catalogue more accessible than Nolimit City's 50,000x+ extreme-volatility output but more distinctive than Pragmatic Play's bulkier release schedule. Our roundup of the best slot reviews covers the standout titles in detail.
The studio is also one of the most consistent in offering UKGC-compliant default RTPs. Where many studios ship multiple RTP variants and let the operator pick, Hacksaw publishes a single 96.0% to 96.5% headline RTP across its UK-eligible catalogue. UK players can spin the same game at the same theoretical return regardless of which operator hosts it.
What public-company status changes for the next 12 months
Two things to watch. First, R&D spending should accelerate. Hacksaw signalled at IPO that it would invest more heavily in proprietary mechanics over 2026, and the existing DuelReels system has already been extended into a follow-up format slated for the second half of the year. The pace of mechanically distinct launches is set to rise.
Second, governance and player-protection alignment will tighten. Public listing means scrutiny on advertising, max-win marketing and high-volatility framing. Hacksaw has been publicly supportive of UKGC marketing guidance, and its 2025 launches have notably reduced the prominence of headline max-win figures in favour of feature-led messaging.
Third — and most useful for UK players — expect greater disclosure of math models, hit frequencies and feature-trigger probabilities. Public-company reporting standards push studios towards more detailed published information sheets, which feed directly into informed player decision-making. Our news desk will track the disclosures as they come.
