A debt-free, ultra-high-margin iGaming “picks-and-shovels” supplier priced like a melting ice cube—offering asymmetric upside if regulation-driven margin fears prove overstated.
Overview
Hacksaw AB (HACK.ST) is a fast-scaling, highly profitable B2B iGaming content and technology supplier founded in 2018 (Malta roots; HQ in Stockholm) and listed on Nasdaq Stockholm on June 25, 2025 at 77 SEK (implied ~€2.0bn valuation). It operates upstream as a “picks-and-shovels” provider rather than a consumer-facing operator, licensing proprietary digital casino content across slots, scratch cards, and instant-win games. The company has strategically shifted toward high-volatility slot titles (e.g., Wanted Dead or a Wild; Chaos Crew) that can deliver higher player LTV for operators. Revenue is predominantly earned via recurring revenue-share agreements on operator GGR, enabled by its OpenRGS distribution platform that can integrate directly with operators and scale content globally at near-zero incremental cost. Growth is driven by a high release cadence (~60 titles/year) and expansion into newly regulated jurisdictions (North America and Brazil via bet365), producing exceptional margins and cash generation.