Prominent gaming provider Hacksaw Gaming recently announced a shake-up to the company’s management structure alongside a ‘back to basics’ approach to correct the direction of its games catalog.
It comes after the release of its Q3 2026 financial results last month, which still showed year-on-year growth, but at a significantly slower pace than expected.
The company’s long-term target of 30%+ annual revenue growth was missed for the quarter. Instead, it reported 11% to 12% year-on-year growth, or less than half the expected rate. This triggered a reaction from investors, sending Hacksaw shares on the Stockholm exchange down by over 27% soon after.
As a publicly listed supplier, Hacksaw is under pressure to satisfy shareholders, prompting swift adjustments in executive management.
New appointments now see Philippa Gregory step into the role of Operational CEO, replacing Marcus Cordes.
Cordes, who’s been with Hacksaw since its early days, will now turn his attention toward building Hacksaw Markets, the group’s B2B prediction markets venture.
Additionally, Luke Hammett has joined Group Management as Chief Commercial Officer.
Reasons for the Slowdown
During the Q3 2026 earnings webcast on November 3, Group CEO Ana Vrabic Verdir addressed the slowdown head-on, attributing it to two main factors:
“First, softer market conditions, which is something the broader industry is experiencing. Second, our own game mix.”
Verdir elaborated further on the call, acknowledging that Hacksaw’s decision to expand its portfolio and target specific jurisdictions had altered the studio’s underlying model.
“The intention was to build tailored content for specific markets, but the overall performance of this broader mix did not align with our historical standards. While these titles achieved steady engagement, they yielded lower revenue per round compared to our core global titles.”
In its written Q3 report, Hacksaw confirmed it would be focusing on “building on the game styles and strengths that historically drove Hacksaw’s success.” This is something many players will be delighted to hear.
Player Frustration Has Been Growing Lately
The shift aligns with growing criticism from the slots playing community over the past year.
Historically, Hacksaw built a following on the back of distinct, gritty aesthetics and innovative mechanics found in hits like Wanted Dead or a Wild, Chaos Crew, and Le Bandit.
However, player feedback online has grown increasingly vocal about a perceived drop in creative ambition from the company.
Lately, we’ve seen many re-releases of previous games with small tweaks to visuals or stats (see Donny Dough OG, Epic SixSixSix, Fist of Destruction Megamultiplier, and others).
To many players, these releases feel low on innovation and signal a dulling of Hacksaw’s creative edge. They also take up valuable calendar space that could have been spent on new and better concepts.
Less Creative Games in General
At the same time, the studio has moved into generic mechanics, chasing the ever-present 3-pot trend in 3 Cursed Chests, or bringing out basic, uninspired jackpot games like Croco Clover.
It’s also leaned heavily on its popular Le Bandit IP, churning out plenty of spin-offs under the banner of “tailored regional content.”
This includes regional reskins like Le Football Fan and Le Hooligan (launched for specific European casinos around the World Cup), or titles like Le Sortudo (localized for Brazil). All use Smokey the Raccoon’s familiar branding.
While these localized tweaks generated steady spins, they perhaps left hardcore players with a sense that the studio was simply milking a successful brand.
In that light, Hacksaw’s admission of a flawed “game mix” perhaps confirms what players have felt for months: the studio lost sight of the distinct identity that made it stand out in the first place.
Closing Thoughts
Hacksaw has been one of the best slots providers in the sweepstakes and real money casino spaces over the last few years, and things haven’t felt the same since it changed direction.
We hope it can get back to the spirit of old that brought us classics like Wanted Dead or a Wild, Duel At Dawn, Le Bandit, and R.I.P. City soon. Basically delivering raw, high-volatility slots that favor genuine innovation over re-releases and generic mechanics.
We’ll also keep tabs on the company’s foray into prediction markets with Hacksaw Markets.
Author: Bogdan Lunkan
Updated:
