Key facts
- Hacksaw AB was incorporated on 27 October 2017 and listed on Nasdaq Stockholm on 25 June 2025 (ticker HACK). Its games business is run from Malta.
- In 2025 Hacksaw reported revenue of EUR 197.5 million, up 44%, released 91 new games and had 254 employees at year end.
- Its game pages list four RTP versions: Wanted Dead or a Wild 96.38%, 94.55%, 92.33% and 88.42%; Le Bandit 96.34%, 94.23%, 92.17% and 88.36%.
- On $200 of bets, the lowest version of Wanted Dead or a Wild costs $23.16 on average against $7.24 for the highest, about 3.2 times as much, in our calculation.
- Hacksaw shows a volatility rating out of 5 and a maximum win on each page: 4/5 and 12,500x for Wanted Dead or a Wild, 3/5 and 10,000x for Le Bandit.
Who makes Hacksaw Gaming pokies
Hacksaw Gaming pokies are made by Hacksaw AB (publ), a Swedish-listed company whose games business runs from Malta. Its prospectus says the company was incorporated on 27 October 2017. It listed on Nasdaq Stockholm on 25 June 2025 under the ticker HACK, and its year-end report places it in the Large Cap index.
| Hacksaw in numbers (year-end report 2025) | Figure |
|---|---|
| Revenue, 2025 | EUR 197.5 million, up 44% from EUR 137.1 million |
| EBITDA, 2025 | EUR 162.0 million |
| New games released in 2025 | 91: 45 in-house, 46 from third-party studios on its OpenRGS platform |
| Employees at year end | 254 |
| Markets | "over 35 locally licensed markets" |
| Games listed on its site | 250+ |
Hacksaw describes itself as a supplier of "slots, scratchcards and instant win games". Its catalogue also includes crash-style games such as Speed Crash and Limbo, where you pick a target multiplier between 1.05x and 10,000x.
Licences Hacksaw lists
The footer of Hacksaw's site names these licences:
| Regulator | Licence shown |
|---|---|
| Malta Gaming Authority (HGMT Ltd) | MGA/CRP/501/2018, valid to 5 December 2028 |
| UK Gambling Commission | 000-054059-R-331396-002 |
| Hellenic Gaming Commission | HGC-000055-MN |
| Romania (ONJN) | L2223924Y001379 |
| Alcohol and Gaming Commission of Ontario | GRSM1241574 |
| Swedish Gambling Authority | B2B gaming software licensee |
| Danish Gambling Authority | 24-432338 |
| Isle of Man GSC (HGIM Ltd) | Software supply licensee |
Australia is absent, as it is from every online pokie maker's list.
Four RTP versions on one page
Hacksaw is the clearest example of a pokie sold in several return settings. Most makers show one headline figure. Hacksaw shows the set:
| Game | Volatility (Hacksaw) | Max win | RTP versions listed |
|---|---|---|---|
| Wanted Dead or a Wild | 4 / 5 | 12,500x | 96.38%, 94.55%, 92.33%, 88.42% |
| Le Bandit | 3 / 5 | 10,000x | 96.34%, 94.23%, 92.17%, 88.36% |
| Chaos Crew 2 | not checked | not checked | 96.27%, 94.22%, 92.41%, 88.28% |
The pages do not say which casino runs which version, and the game looks the same in all four. In our calculation, on $200 of total bets (500 spins at $0.40):
| Version | Wanted Dead or a Wild | Le Bandit | Chaos Crew 2 |
|---|---|---|---|
| Highest | $7.24 | $7.32 | $7.46 |
| Second | $10.90 | $11.54 | $11.56 |
| Third | $15.34 | $15.66 | $15.18 |
| Lowest | $23.16 | $23.28 | $23.44 |
Across all three games the lowest version costs a little over three times as much as the highest for exactly the same play. That gap dwarfs the difference between the three games' top versions, which are within 0.11 points of each other.
What Hacksaw games are known for mechanically
High volatility, labelled. Hacksaw rates volatility out of 5 on its pages. A 4/5 rating next to a 12,500x top win, as on Wanted Dead or a Wild, tells you big results are rare and sessions swing widely. Our pokies volatility guide explains what that does to a session.
Reel-wide multipliers. Wanted Dead or a Wild's DuelReels are triggered by VS symbols: each one expands into a duel, and the winner's multiplier applies to the whole reel. Its bonus games include sticky wilds that stay for the round.
Cluster pays with cascades. Le Bandit plays on 6 reels and 5 rows with "Wintype: Cluster Pays". Winning symbols vanish and new ones tumble in, and Golden Squares mark win positions for a later Rainbow symbol. See cluster pays pokies for how clusters are counted.
Ways to pay for more features. Both Hacksaw games we read in detail offer a bonus buy, and Le Bandit's top bonus is the exception: Hacksaw says it "cannot be purchased". Le Bandit also sells BonusHunt FeatureSpins, which Hacksaw says give "5x enhanced odds at triggering a bonus game" for 3 times the stake.
FeatureSpins, worked through
Here is what "3 times the stake for 5 times the odds" means in plain terms. Say a bonus normally triggers once in N spins at $1 a spin, so it costs about $N in stake to see one. In FeatureSpins it triggers about once in N/5 spins at $3 a spin, which is $3N/5, or 60% of the stake per bonus seen. In our calculation that is the whole of it: you reach bonuses on less total stake, but each spin costs three times as much, so your money runs out three times faster if the bonus does not come. Whether the mode has the same RTP as normal play is not stated on the page, so read the rules screen. For buying the bonus outright, see bonus buy pokies.
Pundit tip: with Hacksaw, the RTP line in the rules screen is worth more than any review. Write down which of the four figures you see before you spin.
How to tell which Hacksaw version you are on
- Open the game and its info or rules screen before playing.
- Find the RTP line and compare it with the four figures on Hacksaw's page for that game.
- If the figure matches the highest, you are on the best version Hacksaw publishes. If it matches one of the lower three, use the cost table above, or the pokies calculator, to see what it costs at your stake.
- If a bonus buy or FeatureSpins option shows its own RTP, compare that too.
Hacksaw pokies in Australia
Online pokies cannot legally be offered to people in Australia under the Interactive Gambling Act 2001, so no site can lawfully offer Hacksaw's games here for real money. Playing is not an offence, but ACMA blocks illegal gambling sites, and if an offshore site runs the 88% version or refuses to pay, there is no Australian regulator to complain to. Hacksaw's site also asks visitors to confirm they are over 18 before playing demos.
Our partner sites
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LuckyOnes
Partner · termsTerms checked 9 Oct 2026- Withdrawals
- AUD 6,000 a day
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- Names no licence or operating company in its terms or footer
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Wild Tokyo
Partner · termsTerms checked 8 Oct 2026- Withdrawals (entry)
- AUD 800 a day
- Max bet (bonus)
- AUD 8
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- AUD 13,000
- States a Curacao eGaming licence (no number shown)
18+ Offers and terms change often; the casino's own terms always apply. Never gamble money you need. Free help: Gambling Help 1800 858 858, 24/7.
Frequently asked questions
Where is Hacksaw Gaming based?
The parent company, Hacksaw AB (publ), is domiciled in Stockholm and listed on Nasdaq Stockholm. Its gaming operations are run from Malta, and the licensed entity HGMT Ltd gives an address in Zebbug, Malta.
Why does a Hacksaw game have four RTPs?
Hacksaw publishes several return settings for the same game. For Wanted Dead or a Wild the page lists 96.38%, 94.55%, 92.33% and 88.42% without saying which site runs which, so the only way to know is the rules screen of the copy you open.
What is the max win on Hacksaw slots?
It varies by game and Hacksaw prints it on each page. Wanted Dead or a Wild lists a maximum win of 12,500 times the bet, and Le Bandit lists 10,000 times.
What are BonusHunt FeatureSpins?
An optional mode in some Hacksaw games. In Le Bandit it costs 3 times the stake per spin and gives 5 times the normal chance of triggering a bonus game, according to Hacksaw's page.
Are Hacksaw Gaming pokies legal in Australia?
No site can legally offer them for real money to people in Australia, because the Interactive Gambling Act prohibits online pokies. Hacksaw's listed licences cover places such as Malta, Great Britain, Greece, Romania, Ontario, Sweden and Denmark, not Australia.
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