The move was met with strong interest and was oversubscribed with over 16,000 investors. This pushed the opening price of SEK 77 up 10%. However, the stock eventually closed its opening day of trading slightly below its listing price at SEK 75, down roughly 2.6%.

The public listing is not a traditional IPO to raise funds, but rather gives a chance for shareholders to cash in on the company’s growth. Up to 50 million shares were floated at an initial listing price of SEK 77, giving the company a valuation of SEK 22 billion ($2.3 billion). 

A company statement declared, “Hacksaw’s Board of Directors and management consider the IPO on Nasdaq Stockholm to be a logical and important step in Hacksaw’s development.”

Hacksaw Gaming Showing Rapid Revenue Growth

Hacksaw Gaming has been growing rapidly. Its 2024 revenue more than doubled, reaching €137 million ($160 million), up from €67 million ($78 million) in 2023. The company maintained a high EBIT margin of 84%, showing strong profitability. 

Growth has continued this year with €45 million ($52 million) in revenue generated in the first quarter. That is a 71% increase from Q1 2024. The company is on track to exceed €180 million ($210 million) for the year.

Last year, the company expanded its presence in the US by obtaining a provisional supplier license in Pennsylvania. The company is also active in other states that have legalized online casinos, including New Jersey, Michigan, and West Virginia. 

In addition to supplying online casinos in the US with its services, the company also partnered with Sky Betting and Gaming in the UK last year. 

CEO Eyes Further Global Expansion

Commenting on the decision to publicly list the company, Christoffer Källberg, Group CEO of Hacksaw, said, “I am delighted to announce our intention to list on Nasdaq Stockholm. We have established ourselves as a leading supplier to online casinos active on the global iGaming market thanks to our strong, technology-driven offering and capabilities that enable us to create the best possible experience for our customers.

“We look forward to continue building on our strong foundation and to deliver high-quality experiences and bring value to our customers.”

The company already has licenses in Denmark, Greece, Romania, Spain, Italy, Sweden, and the Isle of Man, in addition to being active in the US, UK, and Ontario in Canada. Alberta’s soon-to-be regulated gambling market represents an opportunity for further expansion in North America. 

Other US states are also considering legalizing online casinos, which would provide areas for potential growth. Massachusetts lawmakers are currently considering a bill to join the seven states with legal online casinos in the country. 

From Scratchcards To A Multi-Billion Dollar Company

Hacksaw started out by offering online scratchcards with a license in Malta in 2018. It then developed a full game suite in 2020. 

The company’s portfolio of games earned nominations at the EGR Nordic Awards in 2021.

The launch of OpenRGS in 2023 pushed the company’s reach further. OpenRGS is a content distribution platform enabling third-party studios to push games through Hacksaw’s infrastructure. 

The company’s games have earned praise from operators in Sweden as well as overseas in other European countries. That has led to expansion in North America. 

US expansion is a key aim for the company now. CEO Marcus Cordes commented, “Our continued expansion into the U.S. market once again demonstrates the sheer determination and efficiency of our teams.”

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The company also provided an update on its delisting notice from the Nasdaq Stock Market received in November, noting that its request for a hearing to appeal the delisting determination was accepted and has been scheduled for January next year.

As for its 2024 outlook, CFO Oscar Iglesias stated that Codere Online expects to “finish the year in the upper part” of its net gaming revenue and adjusted EBITDA guidance range of €205m to €215m and positive €2.5m to €7.5m respectively.

Mexico and Spain drive Q3 revenue increase

Publishing its Q3 financials, Codere Online reported a 20% increase in NGR to €51.7m (Q3 2023: €43.2m) as revenue in both Spain and Mexico grew in comparison to the same quarter last year. Per vertical, 58% of the total NGR came from casino operations, while 42% came from sports betting.

Average monthly active players also increased when compared to Q3 2023, growing by 15% year-over-year to approximately 143,400 (2023: around 124,500), while average monthly spend per active increased by 4% YoY to €120.

The operator noted as well that it had approximately 232,000 new customer registrations during the quarter, with 67,000 first-time deposits, a 29% conversion rate and a cost per acquisition of €250.

In Spain, NGR increased by 11% YoY to €20.9m (2023: €18.9m), while average monthly active players rose by 18% to approximately 48,500 (2023: around 41,000).

For Mexico, NGR grew by 27% compared to the same period the previous year to €26.7m (2023: €21m), while average monthly active players increased by 23% to around 63,700 (2023: approximately 51,800).

Aviv Sher, CEO of Codere Online, noted that growth occurred in Mexico despite foreign exchange headwinds in the region following the Mexican presidential election in June.

Sher commented: “Our company delivered another quarter of strong results, with net gaming revenue of €51.7m, representing a 20% increase over the third quarter of 2023. 

“In Mexico, net gaming revenue reached €26.7m, 27% above the prior year period, despite the significant devaluation of the Mexican peso following the presidential election in June. In constant currency terms, our net gaming revenue in the country would have grown by 43%.

“Meanwhile, performance in Spain remained strong, with net gaming revenue of €20.9 million in the quarter, 11% above last year.”

Other NGR increased by 24% YoY to €4.1m (2023: €3.3m), but average monthly active players declined by 2% to approximately 31,200 (2023: around 31,700).

Delisting notice from Nasdaq

Codere Online also provided an update on the delisting notice it had received from Nasdaq. 

On 12 November, Codere Online received a letter from Nasdaq informing the company of its intention to delist its securities from the Nasdaq Stock Market as it had not yet filed its Form 20-F for the year ended 31 December 2023.

On 18 November, the operator formally requested a hearing from Nasdaq to appeal the delisting determination, which was accepted on 25 November. The hearing has been scheduled for 16 January 2025.

The company added that it “continues to work diligently to complete and file its Form 20-F for 2023 as soon as possible”.

2024 outlook

Codere Online stated that year-to-date in 2024, its net income – excluding the non-cash variation in fair value of public warrants – stands at €2.8m (2023: €2.8m net loss), while total cash position stood at approximately €44m.

The company also noted that in Q3, it achieved a positive adjusted EBITDA for the third consecutive quarter, reaching €1.5m following “higher revenues together with a lower relative level of marketing investment”. The operator added that it is “on track” to meet its 2024 profitability target.

As previously mentioned, Iglesias said that the company expects to “finish the year in the upper part” of its net gaming revenue guidance range of €205m to €215m and of its adjusted EBITDA guidance range of positive €2.5m to €7.5m.

The CFO stated: “Beyond the significant top-line growth, we also generated €1.5m of adjusted EBITDA and €3.5m of cash in the quarter. This is now the third consecutive quarter of positive adjusted EBITDA and brings the year-to-date total to €4.5m.

“With regards to our existing outlook for 2024, we expect to finish the year in the upper part of the range with respect to both our net gaming revenue and adjusted EBITDA guidance.”

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Nonetheless, the results were filed significantly later than they were anticipated, which led to warnings from the NASDAQ. 

The results did indicate that the firm enjoyed revenue growth of 14.7 per cent to $323m. Elevated expenditure did however lead to net income declining slightly for the group, from $20.6m to $7.6m.

Lorne Weil, Executive Chairman of Inspired, said: “Our fourth quarter performance capped off a strong year, fueled by our successful strategic focus on scaling our higher-margin digital verticals alongside steady growth in our land-based operations.

“Our digital business fourth quarter results continue to be led by the Interactive segment, where revenue and Adjusted EBITDA increased approximately 41 per cent and 39 per cent year-over-year on a constant currency basis, respectively, as we continue to increase our footprint through new customer launches and benefit from the growth of our existing customer base.”

The group also lauded its new igaming product, Hybrid Dealer, which was unveiled this year. The RNG-generated table and gameshow content was tapped into by BetMGM in New Jersey and seeks to combine physical and digital elements offering operators the product.

Praising the firm’s land based efficiency, Weil added: “We continue to benefit from the optimisation of our land-based operations and the roll-out of our new ‘Vantage’ terminals. Our land-based business, which includes our Gaming and Leisure segments, recorded strong year-over-year revenue growth of 6 per cent and 8 per cent, respectively. 

“During the quarter, we entered into $3.5m of ‘low margin’ terminal sales, whereby products sold today will secure longer term recurring revenue streams utilising an asset-light model. We continue to see low double digit year-over-year revenue per machine increases with these new ‘Vantage’ cabinet deployments across two of our largest licensed betting shop customers. In our pubs business, we expect to benefit from more of these ‘Vantage’ placements during the back half of 2024. As we look ahead, the success of our ‘Vantage’ cabinet rollout gives us confidence in ongoing growth across our land-based gaming portfolio.”

Weil concluded, “As the global online betting and gaming ecosystem continues evolving, with some new markets opening and consumer adoption increasing, we see opportunities for continued growth. Our market-leading Virtual Sports products, distinctly innovative igaming offerings like Hybrid Dealer, and unmatched content portfolio position us at the head of this digital transformation. We are excited about the opportunities ahead as we seek to capitalise on the expanding online betting and gaming markets globally.”

The publishing of today’s results will be viewed as a key boost to the stability of the firm, after previous delays in the past two years were reportedly down to inaccuracies, due to accountancy errors, of which the firm has been focused on fixing ahead of the publishing of this latest set of results. 

Furthermore, in spite of the late publishing, the results come in time to save the firm’s status on the NASDAQ as it avoids the most stringent punishment, its removal from the platform.

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The gaming firm revealed that it will report financial results for the fourth quarter and the 2023 on Monday, April 15, 2024, before the market opens. 

The current update from Nasdaq doesn’t have any immediate effect on the listing of the Company’s common stock on Nasdaq. 

Nasdaq, if it agrees to, can grant Inspired an exception of up to 180 calendar days from the filing’s due date, or until September 11, 2024, to regain compliance. However, if the firm fails to publish its accounts by this date, it may be delisted from the exchange.

In February, the group reported revenue growth in the third quarter of 2023 thanks to interactive and low margin gaming hardware sales.
Inspired declared a Q3 revenue of $97.5m, up 31 per cent year-over-year (Q3 2022: $74.2m), whilst net income for the quarter fell by 63 per cent YoY to $3.4m (Q3 2022: $9.2m, while adjusted EBITDA stood at $26.7m, down two per cent YoY (Q3 2022: $27.3m), with a margin of 27 per cent (Q3 2022: 37 per cent).

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The gaming content provider has stated that several financial forms will be filed with the Security and Exchange Commission by no later than February 28, 2024, resolving its failure to publish last year’s third quarter results on time. 

These include “a Form 10-K/A for the year ended December 31, 2022, with restated financial statements, as well as Forms 10-Q/A for the quarters ended March 31, 2023 and June 30, 2023 and a Form 10-Q for the quarter ended September 30, 2023”.

In addition, Inspired confirmed that it will also file its Form 10-K for the year ended December 31, 2023, by the March 2024 due date.

Inspired faces the risk of being removed from the Nasdaq exchange if it continues to not comply with regulations.

Back in November upon the announcement by Inspired of its failure to file the correct financial forms on time, the provider stated that its financial results for the end of 2022 and its 2021 financial statement can no longer be considered accurate.

Since then, Stewart Baker has resigned as Chief Financial Officer, with Marilyn Jentzen taking on the CFO role on an interim basis.

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Authorities from the exchange have given Inspired 60 days to submit its results, after the North American igaming provider’s Form 10-Q remains unsubmitted to the Security and Exchange Commission. 

While the lack of submission signals non-compliance with the NASDAQ’s regulations, Inspired will have the option to request additional time for submission and to resolve the issue of its Q3 results. 

The firm has until January 22 to publish its Q3 performance, with the option to extend this date by an additional 180 days to May 7 if the company publishes a plan deemed acceptable by the exchange. 

If Inspired fails to meet exchange’s conditions, and the company fails to hand its financial results for 2023’s third quarter, the igaming provider risks being removed from the NASDAQ altogether. 

Earlier this month, the group noted that it needed an extension to publish its Q3 results following an audit from KPMG that identified accounting errors with US GAAP within the results. 

Inspired statement read: “The errors relate primarily to the application of the relevant accounting standards to projects, including the timing of capitalization with respect to software development projects and the nature of costs eligible for capitalization. 

“The Company is currently undertaking a review of other financial statement line items and related accounting policies to ensure US GAAP compliance. The Company is currently unable to determine whether this review will result in further adjustments being required.

“The Company does not believe that the foregoing changes will have any impact on the Company’s cash position or overall business plan. 

“Although the Company cannot at this time estimate when it will file the amended reports, it is diligently pursuing completion of the restatement and intends to make such filings as soon as reasonably practicable.”

In light of this information, the igaming provider warned investors that its financial results for the end of 2022 can no longer be considered totally accurate, with the same going for its financial statement for 2021. 

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The American stock exchange will also seek to finalise a delisting by filing a relevant form with the US Securities and Exchange Commission, which will follow the expiration of relevant appeal periods.

This came after the company’s common stock failed to maintain a minimum closing bid price of $1 per share, which is required by Nasdaq listing rule. Subsequently, Elys has begun the process of transitioning the quotation of its stock to an over-the-counter market.

The gaming and sports betting technology firm, whose share price continued to slide through the opening of the week following this news, has not yet decided whether to appeal the decision.

This must be submitted within 15 days from the date of a delisting letter that was received on October 13, 2023. However, a company evaluation will determine factors such as if the decision is warranted, and the board’s assessment of the likelihood of the company regaining and maintaining compliance with the continued listing requirements.

“Additionally, the evaluation will encompass an analysis of the benefits of continuing to list on Nasdaq compared to the substantial costs, including the extensive commitment of management’s time and resources for complying with various listing requirements,” Elys noted in a media release.

It is expected that a $1.6m annual hit to expenses will be felt regarding the NASDAQ listing, which, Elys said, is “expected to rise significantly” during the coming year.

“In anticipation of realising substantial cost savings, the company sees opportunities to streamline operations through delisting and deregistration,” it was added.

“These benefits include lower operating costs, reduced management time commitment to compliance and reporting activities, and a simplified corporate governance structure. 

“The decision to appeal Nasdaq’s decision will be consistent with the company’s previously announced cost-saving measures. The Company acknowledges that the delisting and cessation of trading on Nasdaq could have a material adverse effect on the liquidity and trading price of its common shares.”

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Following the approval, the company’s shares are expected to begin trading on Nasdaq on August 27, under the ticker symbol “BRAG”. Moreover, it will retain its listing on the Toronto Stock Exchange under the same ticker.

“Our Nasdaq listing approval marks another key milestone in Bragg’s growth and evolution and will allow the company to attract greater capital markets interest in the US where we are successfully pursuing the large and rapidly growing igaming market opportunity,” noted Richard Carter, chief executive officer of Bragg. 

“By listing in the US and maintaining our Canadian listing, we are positioned to enhance shareholder value by improving the company’s visibility and trading liquidity for investors. 

“We believe Bragg is ideally positioned to grow our business and gain share in the large global igaming market and the Nasdaq listing is another positive step that will enable us to move forward aggressively with our plans.”

Bragg Gaming’s Nasdaq approval comes off the back of the company’s Q2 interim results which reflected a “strong” quarter performance driven by “comprehensive growth initiatives”.

The company praised its continued focus upon advancing its in-house content development strategy and new market plans, which include entry into the North American market, while also making progress on German mitigation strategies.

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Titled GameFactory, the Asia focused distributor is aiming to form a series of partnerships and act as a central sales hub, whilst encouraging and empowering each studio to utilise its unique identity.

“It is also becoming harder for small studios to get into larger casino operators”

CasinoBeats caught up with Markus Nasholm, QTech Games’ global CEO, who explained what the idea was behind the establishment of GameFactory: “The idea really stemmed from working in M&A over the past 10 years in various forms. More specifically, witnessing the immense success of my previous employer, Catena Media, coupled to that of console-game and mobile-game consolidators such as THQ Nordic (listed on Nasdaq Stockholm) and Supercell of Finland, it was easy to see the merit in a well-executed concept.

“It is also becoming harder for small studios to get into larger casino operators. Indeed, with compliance and legal requirements continuing to increase, becoming part of a shoal allows you to enjoy the benefits of being a bigger fish.”

The idea of individuality forms a huge part of the new venture, and Nasholm was keen to stress why it’s so important to the success of GameFactory: “The idea is that the founders keep a significant portion of the shares. This way, they remain invested in the success of the business, keeping it running and imbuing their all their games with a distinct individuality.

“Our aim is to become a preferred partner to the casino operators”

“Our centralised team would then assist in the key areas of sales, distribution, admin, compliance and legal. You have to get the incentive structures correctly aligned and clearly define the core roles.”

Aiming to become “the best casino content provider on the market,” a typical investment into GameFactory “will have between 5-10 games live, preferably generating revenues,” whether this be from a portfolio of games, standalone game titles or exclusive distribution in certain markets.

When unveiling initial details of the project, it was stressed that “the trend for consolidation is industry wide,” but how can QTech help buck that trend: “The consolidation has mostly happened on the operator-side, and also in the affiliate business domain. We want to be the trailblazer in the studio-consolidation game, but we want to bring that about organically and in the true spirit of partnership and collaboration with studio founders.”

Striving to be a trendsetter with this new approach, Nasholm concluded by discussing ambitions for GameFactory: “In the short term, the goal is to find great studios with which to partner, both in terms of their respective games’ innovation levels and also the underlying culture. In the longer term, a listing on a prominent tech exchange would prove ideal so that we can continue building the company.

“Our aim is to become a preferred partner to the casino operators, with regular releases of quality, innovative games that excite and engage. It’s as simple as that.”

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The last day of trading on First North Premier is expected to be Friday, February 2, with trading on Nasdaq Stockholm to begin on Monday, February 5.

The listing prospectus that has been submitted by LeoVegas was approved and registered by the Swedish Financial Supervisory Authority on January 29.

LeoVegas’ shares will be traded under the same LEO ticker and ISIN code (SE0008091904) as previously and shareholders are not required to take any action in connection with the change in listing.

Gustaf Hagman, LeoVegas group CEO, said in a statement: “This change in listing can be credited to a strong team effort by everyone at LeoVegas, and I want to take this opportunity to express extra praise to my team for the hard work they have done to bring this across the finish line.

“The change in listing strengthens the group and gives us an even better quality seal in our communication and co-operation with authorities, licensors and partners.

“For institutional investors – both in Sweden but even more so abroad – we will become more accessible and attractive as a company. Today is a big day for LeoVegas and yet another step in our ongoing journey of growth.”

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