Hacksaw Gaming: Crash Games and a Multiple That Rewards Growth

Hacksaw Gaming (HACK.ST) has launched its first dedicated crash game, Moneyplane, around September 2026, following a teaser on X (September 1) and early access at select casinos like 1Win. The release arrives while the stock trades at a P/E ratio near 12.4x, with the shares having climbed roughly 34% year-to-date.

For investors, the most relevant question is not whether Hacksaw has finally joined the crash revolution, but rather whether the market's modest multiple adequately prices the company's sustained 30% growth and 82% operating margins. To answer this, we need to separate the strategic weight of crash from the financial reality of Hacksaw's current valuation.

The Crash Vertical: Fast-Growing, but Still Small for Hacksaw

Crash is arguably the fastest-growing category in online casinos. The genre boasts more than 100 million monthly players globally, with traffic accelerating faster than the broader online gambling market. Titles such as Aviator, JetX, and Spaceman attract players who crave instant gratification, a zero learning curve, and the "illusion of control" that comes with deciding exactly when to cash out before the multiplier crashes.

Hacksaw has been present in this space for some time through its "Dare2Win" portfolio, which features instant-win titles like Speed Crash, Limbo, Mines, and Plinko. Moneyplane (released September 2026) will be the company's second proper crash title, with a familiar rising multiplier and a paper-plane theme. Its RTP sits at 97%, and maximum payouts reach 10,000x. A new "Bail2Win" series has also been created around this crash mechanic.

Yet despite the genre's enormous popularity, the Dare2Win collection remains a secondary business line for Hacksaw. The vast majority of Hacksaw's revenue continues to come from its high-volatility slots and scratchcards. In 2025, the top ten games accounted for only 44% of Gross Gaming Revenue (GGR), and no single game or client dominates. Diversification is indeed remarkable, but it also means that even a highly successful crash title may add only incrementally to the overall revenue trajectory, given that slots are already growing at roughly 30% annually.

Financial Quality: Margins and Growth Remain Exceptional

If there is one dimension where Hacksaw stands out, it is the combination of velocity and profitability. During H1 2026, revenue grew 29% year-on-year to €116.9 million, while adjusted EBIT rose by a parallel 29% to €95.9 million, maintaining the remarkable 82% operating margin. On a trailing-twelve-month basis (through June 2026), total revenue reached €224 million, and diluted EPS totaled €0.599, up roughly 21% from the prior 12-month window. Free cash flow conversion is equally impressive: operating cash flow for H1 2026 reached €88.8 million, a conversion ratio exceeding 90% of EBIT.

The growth engine appears durable. Hacksaw signed 106 commercial deals in Q2 2026 alone (including 63 new clients), launched 34 games (17 in-house, 17 via OpenRGS partners), and secured new local licenses in regions such as Slovenia, Paraguay, and Alberta (Canada). The company now operates across more than 40 regulated markets and over 3,000 operator brands.

Valuation: 12.4x Earnings Appears Generous

The market capitalization of Hacksaw stands around €2.4 billion, translating into a trailing P/E multiple of roughly 12.4x (or 13x). This is a remarkably cheap multiple for a software supplier delivering 30% revenue growth and 82% operating margins. The entertainment industry average sits closer to 16x, while certain iGaming peers command significantly higher valuations. Even after the stock's 34% YTD climb, the multiple has not expanded appreciably, as earnings growth has absorbed most of the price increase.

A P/E of 12.4x implies that the market expects substantial deceleration, or perhaps a significant margin contraction, in the coming years. Yet the latest guidance and delivery do not support such a bearish forecast. H1 2026 margins held at 82%, and the business model exhibits powerful operating leverage: new games require modest incremental investment, while the RGS platform allows rapid, low-cost distribution. Hacksaw also returned €116 million in dividends during May 2026 (an 81% payout of 2025 earnings), while simultaneously growing and acquiring.

A more plausible explanation for the modest multiple is simply that Hacksaw remains a young public company, with only roughly 14 months of listed history since its June 2025 IPO. The market may be demanding extra conviction before rewarding the quality with a rich multiple.

Execution and Regulatory Risks to Monitor

Despite the cheap multiple, several genuine risks deserve attention. First, Hacksaw lacks "provably fair" verification for its Dare2Win titles, unlike competitors such as Spribe (Aviator) or Stake Originals, which employ cryptographic proof. This could limit adoption among crypto or unregulated players who prioritize provable fairness over regulatory oversight. Second, the configurable RTP feature (allowing operators to select house edges between 88.2% and 98.98%) raises transparency concerns. As certain jurisdictions increase gaming duties (e.g., the UK's Remote Gaming Duty rising to 40% in April 2026), operators may silently switch to lower RTP tiers, reducing player returns and potentially eroding long-term loyalty. Third, while H1 2026 growth is strong, the company's reliance on a large number of small-to-midsize clients means that churn at the bottom of the distribution could prove difficult to predict.

Assessment

Hacksaw Gaming's crash game launch is a welcome sign of product innovation and category diversification, but it is the company's overall financial quality and valuation that dominate the investment case. With roughly 30% earnings growth, 82% margins, and a P/E ratio of just 12.4x, the stock offers an unusually favorable risk/reward asymmetry. The market appears to be punishing Hacksaw for its small size, relative youth, and lack of provably fair credentials, but these factors do not justify such a steep discount when the delivery has been consistently excellent. Even if crash growth eventually plateaus, the slot engine continues to deliver 30% expansion at industry-leading margins. For holders, the current multiple offers comfortable upside as conviction deepens; for watchers, the earnings yield and growth quality warrant serious attention.