Hacksaw Gaming, a supplier whose slots sit on many sweepstakes casino lobbies, is changing its leadership and refocusing its game lineup after a third quarter that grew far more slowly than investors have come to expect. Revenue still rose 12% to €58.1 million, but the company has set a long-term target of more than 30% annual growth.
The miss was enough to rattle the market. Shares fell more than 27% in Stockholm when Hacksaw flagged the slower pace in an October 12 preliminary update, and the full interim report on November 3 confirmed the numbers.
Profitability held up even as growth cooled. Adjusted operating profit rose 15% to €48.3 million, lifting the margin to 83% from 81% a year earlier, and quarterly profit climbed 18% to €45.7 million. Over the first nine months of the year, revenue is up 23% to €175.0 million.
Hacksaw also said its long-term financial targets are unchanged, which puts the pressure on the quarters ahead rather than on a rewrite of the goals.
Philippa Gregory takes over as operational CEO of Hacksaw Gaming. She joined in 2022 and has spent the last two years as chief compliance officer. Marcus Cordes, who has held the role since February 2022, moves to Hacksaw Markets, the group’s B2B prediction markets business, and will work with Gregory until December 1 to hand over.
Luke Hammett, who has been with Hacksaw since its early years, joins group management as chief commercial officer. Group CEO Ana Vrabic Verdir said the split gives both businesses dedicated leadership.
On the November 3 earnings call, Verdir pointed to two causes. One was softer conditions across the industry. The other was Hacksaw’s own game mix.
The company had broadened its catalog with content built for specific markets, and Verdir said those titles drew steady play but earned less per round than its core global games. The result was lower revenue per game than a year ago. Concentration also shifted, with the top 10 games making up 52% of gross gaming revenue compared with 45% in the same quarter of 2025.
Hacksaw says it will return to the game styles that drove its earlier success, and that it expects the weaker mix to normalize in the coming months.
Hacksaw titles such as Le Bandit and Wanted Dead or a Wild have become staples at sweepstakes casinos, so a change in its release strategy could shape what shows up in those lobbies. Some players have complained online about a run of re-releases and regional spin-offs of Le Bandit.
How much of that will change is unclear. Hacksaw has not published a release schedule or named specific games, and it did not say whether the reset applies differently to sweepstakes-facing content.
The first test comes in the fourth-quarter report. Investors will look to see whether the game mix improves and revenue growth returns to its 30% target, as the group builds out Hacksaw Markets and its recently launched first crash game.
Hacksaw also said it now has 399 titles on its OpenRGS platform, up from 268, which suggests breadth is not the problem. Whether the next wave of releases lands with players may matter more than the total.
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