Philippa Gregory promoted to Operational CEO of Hacksaw Gaming

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The Backstory

Leadership change follows a faster international buildout

Hacksaw Gaming’s decision to promote Philippa Gregory to operational CEO comes after a period in which the supplier widened its commercial footprint across several regulated and soon-to-regulated markets. The appointment also signals a division of priorities inside the group: Gregory takes direct responsibility for the core games business, while Marcus Cordes shifts focus to Hacksaw Markets, the company’s B2B prediction markets platform.

The move is not occurring in isolation. Over the past year, Hacksaw has moved aggressively to place its slots and instant-win titles with operators in North America and Latin America, while maintaining a stated preference for regulated markets. That strategy has produced new distribution but also exposed the company to policy volatility, particularly in Brazil, where shifting authorizations disrupted what had been framed as a major opportunity.

Gregory inherits a business that is still reporting strong profitability, with third-quarter adjusted EBIT rising faster than revenue. But the company also flagged pressure from changes in game and operator mix, an indication that expanded access does not automatically translate into higher yield per title. Her mandate of accountability, execution and profitable growth reflects the balance Hacksaw is trying to strike: sustaining momentum without allowing market entry costs and lower monetization to erode margins.

Latin America became a central growth test

Hacksaw’s recent international push has been especially visible in Latin America, where the company has sought partners with scale or early positions in newly regulated markets. In July, the supplier entered Buenos Aires City through a Betano partnership, using Kaizen Gaming’s sportsbook brand as its launch partner in one of Argentina’s more developed online gambling jurisdictions.

That deal mattered because Buenos Aires City has been among the country’s most structured online markets. The city enacted its regulatory framework in 2018, issued licenses in 2020 and saw operators launch in late 2021. For suppliers such as Hacksaw, the jurisdiction offered a route into Argentina without waiting for a unified national system. The company positioned the move as part of a broader plan to target regulated markets and build on existing operator relationships.

Argentina’s appeal is tied to the size and expected growth of the market. Gambling revenue in the country was estimated at $2.5 billion in 2024, with online gaming, including sports betting and online casino, accounting for $1.4 billion. Forecasts cited in the earlier report put total gambling revenue at $6.6 billion by 2029. For a supplier, that creates a case for early entry, especially when paired with an operator already active across Latin America, Africa and Europe.

The Argentine launch also showed how Hacksaw has used multi-market operator relationships to accelerate expansion. Rather than build awareness market by market, the supplier has leaned on brands with existing databases and local licensing. That model can reduce time to market, but it also makes execution dependent on the operator’s ability to promote and integrate content effectively.

Brazil showed both opportunity and regulatory risk

Brazil has been a more complicated story. Hacksaw had already been building a presence there through local partners, including an earlier content deal with Esportes da Sorte. The agreement gave the Brazilian operator access to titles such as Wanted Dead or a Wild and Le Pharaoh and was announced as the country prepared to implement a federal regulatory framework.

At the time, the deal fit the pattern of supplier positioning ahead of formal market consolidation. Esportes da Sorte had converted provisional authorization into a permanent license from Brazil’s Secretariat of Prizes and Betting, allowing it to operate nationally. For Hacksaw, that meant distribution through a growing domestic operator at a moment when international suppliers were racing to secure places in Brazil’s emerging licensed ecosystem.

The current quarter, however, underlined the risks of relying on regulatory transitions. Hacksaw said Brazil’s government withdrew authorizations from licensed operators at the end of September and that the regulated market closed in early October. The company described the development as a deviation from the wider movement toward locally licensed gambling markets.

That disruption matters for Gregory’s new role because Latin America is central to Hacksaw’s growth narrative. Brazil is the region’s largest prize, but the uncertainty shows why supplier expansion cannot be measured only in signed partnerships. Revenue durability depends on legal continuity, payment channels, marketing rules and the ability of partner operators to remain licensed. A market can move from high priority to paused almost overnight if regulators change course.

Mexico deal added scale to the regional strategy

Hacksaw’s September agreement with Caliente.mx added another major Latin American component. The company partnered with Mexico’s online gaming market leader Caliente.mx, a brand Hacksaw said controls an estimated 80% of the country’s online gaming market.

The scale of that partnership distinguishes it from smaller market-entry deals. If content goes live as planned, Hacksaw will gain access to one of the largest online gaming audiences in Mexico through a dominant local operator. That could offer faster volume than a fragmented rollout across several smaller operators. It also deepens the company’s exposure to Latin America at a time when regional regulation remains uneven.

The Mexico deal followed the Buenos Aires City entry and earlier Brazil activity, creating a regional sequence that suggests deliberate prioritization. Hacksaw has focused on operators that can deliver either regulatory credibility, market share or both. Caliente.mx offers reach, Betano offers cross-border experience and Esportes da Sorte offered a place in Brazil’s licensed framework before the latest disruption.

For the incoming operational CEO, these agreements create both an asset base and a management challenge. Launch timing, game localization, compliance obligations and promotional strategy will determine whether signed deals convert into recurring revenue. The company’s third-quarter comment about lower revenue per game shows why broader distribution must be matched by disciplined commercial oversight.

North America remains a core regulated-market pillar

Hacksaw has also continued to push across North America, where state-by-state licensing creates slower but potentially more stable growth. The company launched in Pennsylvania through FanDuel after securing a license in the state. Pennsylvania is one of the largest U.S. iGaming markets, with monthly online casino revenue regularly exceeding $200 million.

The FanDuel launch was important because it gave Hacksaw access to a major operator in a high-value state. It also followed prior launches in West Virginia, New Jersey and Michigan, as well as licensing in Ontario. That pattern positioned the supplier as a participant in the regulated North American casino market, where content providers compete for placement with operators that already have deep game libraries.

New Jersey has been another active market for the company. Hacksaw expanded its content offering with betOcean, bringing titles including Wanted Dead or a Wild, Le Bandit and Chaos Crew 2 to the operator’s online casino. The deal reinforced the company’s U.S. strategy: adding operator relationships after gaining approvals, then using established titles to seek player traction.

These North American moves are strategically different from some Latin American entries. In the U.S. and Canada, regulatory barriers can slow expansion, but once live, suppliers often benefit from clearer licensing regimes and mature operator compliance systems. That stability is one reason regulated-market access remains valuable even when revenue ramp-up takes time.

Gregory inherits momentum, margin pressure and execution risk

The leadership change places Gregory at the center of a business that has signed dozens of deals but now must convert breadth into durable earnings. Hacksaw’s third-quarter revenue rose 12% from a year earlier, while adjusted EBIT rose 15%, indicating the company remains highly profitable. Still, management’s reference to operator and game mix suggests that growth quality is under scrutiny.

That is the context for Cordes’ move to Hacksaw Markets. By shifting him toward a separate B2B prediction markets initiative, the group is creating a clearer split between its established casino content operation and a newer product line. Gregory’s task is to keep the core supplier business expanding while maintaining commercial discipline across a growing list of jurisdictions.

The company’s recent partnerships show why the role matters. FanDuel in Pennsylvania and Connecticut, betOcean in New Jersey, Caliente.mx in Mexico, Betano in Buenos Aires City and Brazilian operators all represent potential growth channels. But each market has different licensing rules, player preferences, tax burdens and operator economics. A supplier with broad distribution can still underperform if integrations are delayed, titles fail to resonate or promotional support is limited.

Hacksaw’s share buyback of up to 20 million euros adds another signal: management is presenting confidence in the business even as it reorganizes leadership and absorbs regulatory setbacks. Gregory’s appointment therefore marks more than a personnel change. It is a test of whether Hacksaw can turn rapid geographic expansion into predictable, profitable growth while the group pursues new opportunities beyond online casino content.