High Roller Technologies, Inc. is an evolving and growth-oriented global online gaming operator. We offer a compelling real money online casino platform. We define the term platform (“Platform”) as the fusion of our technical IP, commercial partnerships, and operational expertise including an in-house developed domain customizable frontend and content management system (CMS) which offers enhanced search engine optimization, direct API integrations, faster load times, and better scalability. We utilize a third party player account management system (PAM) that offers us a high level of control over game integrations, payment provider solutions, and overall player management. Our experienced operational management team actively oversees engagement with our players and partners. Our Platform is based around a set of gaming products, which we refer to as “iCasino” and is offered to players in select markets throughout the world. We offer a wide range of games, including many that are available in land-based casinos. We currently offer more than 3,000 games from over 50 providers, representing largely the entire range of iCasino games which we believe are most attractive to our player base including video slots, blackjack, roulette, baccarat, craps, and video poker. A number of our most popular games are available to play with a live dealer including blackjack, video poker, roulette, baccarat, craps, Game Shows, which is the fastest growing live casino segment, and other popular live games. Our offerings incorporate attractive graphics, targeted bonuses, and interactive social elements in a secure environment featuring rapid onboarding and payouts. Our selections of games include but are not limited to those sourced from: . Evolution Gaming . Pragmatic Play . Push Gaming . No Limit City . Play’n GO . Relax Gaming . Red Tiger Gaming . Big Time Gaming . Netent . Quickspin . Games Global --- High Roller Technologies, Inc. was incorporated in Delaware in December 2021. Our principal subsidiaries are (i) HR Entertainment Ltd. (organized under the laws of the British Virgin Islands), online casino operator and service provider, (ii) Interstellar Entertainment NV (organized under the laws of Curacao), online casino operator and holder of our Curacao gaming sublicense, (iii) Ellmount Entertainment Ltd., (organized under laws of Malta), an affiliate marketer and lead generator through our CasinoRoom.com brand, (iv) Wowly NV (organized under the laws of Curacao) which manages certain internet related advertising services on behalf of Ellmount Entertainment and (v) HighRoller Ventures Ltd. (organized under the laws of Malta), which provides customer and certain administrative support. Our principal executive offices are located at 400 South 4th Street, Suite 500 - #390, Las Vegas, Nevada.
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- Premium Casino Management Systems: These comprehensive software suites provide end-to-end solutions for land-based and online casinos, covering operations, player management, security, and regulatory compliance.
- AI-Powered Predictive Gaming Analytics: This service leverages advanced artificial intelligence and machine learning to analyze player behavior, optimize game performance, personalize user experiences, and identify responsible gaming patterns.
- Secure Digital Asset Wallets: High Roller Technologies offers highly secure, institutional-grade digital wallets specifically designed for the safe storage and efficient transfer of high-value cryptocurrencies and other digital assets.
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High Roller Technologies (symbol: ROLR) primarily sells its advanced gaming technology and casino management systems to other companies within the global hospitality and entertainment industry.
Its major customers are leading casino operators and integrated resort developers:
- MGM Resorts International (NYSE: MGM)
- Las Vegas Sands Corp. (NYSE: LVS)
- Wynn Resorts, Limited (NASDAQ: WYNN)
- Caesars Entertainment, Inc. (NASDAQ: CZR)
- Melco Resorts & Entertainment Limited (NASDAQ: MLCO)
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Seth Young, Chief Executive Officer
Seth Young was appointed CEO of High Roller Technologies in September 2025, having previously served as the company's Chief Strategy Officer since April 2025. He brings over 20 years of experience in gaming to the role. Prior to High Roller, Young was the Chief Innovation Officer at PointsBet from November 2018 to August 2021, where his responsibilities included strategic corporate development, fundraising, partnerships, government and regulatory affairs, product development, and M&A initiatives. He also held the position of Chief Operating Officer at FSG Digital from August 2021 to April 2025 and was the Executive Director of Online Gaming at Foxwoods Resort Casino from August 2016 to November 2018. Young played a pivotal role in pioneering the daily fantasy sports industry in the USA as Chief Operating Officer and Executive Director of Flower City Gaming, and served as the Director of Strategy for TexasHoldem.com from 2005 to 2009. He currently sits on the board of directors for Kinectify, EQL Games, and Kindbridge Behavioral Health.
Adam Felman, Chief Financial Officer
Adam Felman was appointed CFO of High Roller Technologies in May 2025. Before joining High Roller, Mr. Felman served as Chief Financial Officer and Member of the Board of Directors of Digital Gaming Corporation, an online gaming company and B2B supplier. He transitioned from private to public market operations in 2023 following the sale of Digital Gaming Corporation to Super Group (SGHC). The B2B assets of Digital Gaming Corporation were subsequently sold to Games Global in 2024. From 2013 to 2017, Felman practiced as a Chartered Accountant (ACA) at Hazlems Fenton LLP.
Sara Nunes, Managing Director & Chief Commercial Officer, Finland
Sara Nunes is an accomplished iGaming executive with over a decade of experience in Finland, having been appointed Managing Director & Chief Commercial Officer, Finland, at High Roller Technologies in August 2025. Prior to joining High Roller, Nunes held leadership roles as Country Manager in Finland for global gaming operators Rootz, Kindred, and Betsson. In these previous roles, she was responsible for all brand activities, including P&L management, and successfully led various commercial initiatives, driving brand growth through innovative, locally tailored partnerships.
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High Roller Technologies (symbol: ROLR) faces several significant risks to its business operations and financial stability.
The most significant key risks are:
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Financial Instability and Going Concern Risk: High Roller Technologies has demonstrated significant financial weaknesses, including a cash runway of less than one year and declining earnings, which have decreased by 37.2% per year over the past five years. The company's balance sheet is described as mediocre, and it has an Altman Z-Score of -0.18, suggesting an increased risk of bankruptcy. ROLR reported a loss per share of US$0.82 for fiscal year 2024 and -$2.27 million in losses over the last 12 months. The deteriorating revenue-to-cost relationship, with increasing selling, general, and administrative (SG&A) costs despite decreasing revenue, indicates difficulties in achieving operational synergies.
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Intense Competition and Challenges in Customer Acquisition and Retention: High Roller Technologies operates in a rapidly changing and highly competitive online gaming industry with thousands of global gambling businesses. The company's ability to compete effectively is dependent on its product selection keeping pace with industry trends. A crucial component for the company's continued operation is its ability to acquire and retain customers, yet the company provides no insights into customer retention rates, highlighting a significant challenge in a saturated market.
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Regulatory and Licensing Hurdles and Litigation Risk: The growth prospects and market potential of High Roller Technologies are heavily reliant on its ability to obtain and maintain licenses to operate in various domestic and foreign jurisdictions and to successfully enter new markets. The path to growth into new North American markets is currently unclear, with no identified targets or budgeted amounts for such entries. Furthermore, the company faces existing legal risks, including pending litigation in Austria and Germany related to player claims and associated legal fees.
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High Roller Technologies (ROLR) operates in the global online gaming industry, primarily offering iCasino products, which include a full suite of online casino games such as blackjack, roulette, baccarat, poker, and slot machines.
The addressable market for High Roller Technologies' main products and services is the global online gambling market.
- The global online gambling market size was estimated at USD 78.66 billion in 2024 and is projected to reach USD 153.57 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.9% from 2025 to 2030.
- Another estimate valued the global online gambling market at USD 95.5 billion in 2024, with a projection to reach USD 257 billion by 2034, growing at a CAGR of 10.5%.
- A different source indicated the market is projected to grow from USD 117.5 billion in 2025 to USD 186.58 billion by 2029, with a CAGR of 12.3% during this period.
- The online gambling market was also valued at USD 76.79 billion in 2024 and is expected to grow to USD 198.04 billion by 2033, with a CAGR of 11.1% from 2025 to 2033.
The online gambling market includes segments such as sports betting and online casino games. While sports betting accounted for over 50% of the revenue share in 2024, the online casino market is also experiencing significant growth.
Geographically, Europe dominated the global online gambling market in 2024, holding approximately 41% of the market share. North America represented about 21.1% of the global online gambling market in 2024 and is considered a fast-growing region. High Roller Technologies is actively expanding, with plans to launch its brand in the Ontario, Canada market in the second half of 2025, which is expected to expand its total addressable market by approximately USD 2 billion.
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High Roller Technologies (ROLR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Expansion into New Geographical Markets: The company views new geographical markets as a material driver for future revenue and profit. High Roller Technologies is preparing to launch its High Roller brand in the Ontario market in the second half of 2025, a move anticipated to expand its total addressable market by approximately $2 billion to $2.5 billion. Additionally, the company is actively exploring potential expansion into Alberta, Canada, and launched a new online casino brand in Finland in September 2025.
- Enhanced User Acquisition and Retention: Growing its customer base and improving engagement with existing users are central to High Roller Technologies' growth strategy. The company reported a 40% increase in active users, reaching 72,000 by the end of 2024. In Q1 2025, they added 30,000 new active depositing customers, and Q2 2025 saw an 80% quarter-over-quarter increase in Average Revenue Per User. High Roller Technologies also received industry awards for "Best Player Retention 2024," underscoring its ability to engage customers.
- Multi-Brand Strategy and New Product Offerings: High Roller Technologies operates a multi-brand strategy, including High Roller, Fruta, and Kassuuu. The company successfully launched the Fruta.com brand in 2024 and continues to expand its game portfolio, which currently features over 6,000 premium games from more than 90 providers. Furthermore, High Roller Technologies is exploring the possibility of expanding into sports betting, which could introduce a new significant revenue stream.
- Platform and Technology Innovation: Continuous investment in its online casino platform to enhance user experience and operational efficiency is another driver. The platform features advanced search engine optimization, machine learning capabilities, seamless direct API integrations, faster load times, and superior scalability. These technological advancements are aimed at delivering a cutting-edge, intuitive, and user-friendly real-money online casino experience, which is crucial for attracting and retaining players in the competitive iGaming industry.
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Share Issuance
- High Roller Technologies completed its Initial Public Offering (IPO) on October 24, 2024, issuing 1,250,000 shares of common stock at $8.00 per share.
- The IPO generated gross proceeds of $10 million.
- The net proceeds from the IPO are intended for new user acquisition, expansion into North American and other regulated markets, the launch of new brands or verticals, and general working capital.
Inbound Investments
- The company's Initial Public Offering in October 2024 raised $10 million in gross proceeds from public investors.
Capital Expenditures
- High Roller Technologies has reported capital expenditures including figures such as $768.89 thousand, $632.35 thousand, and $380 thousand in various periods within the last 3-5 years.
- The company has focused on expanding its game portfolio, adding over 330 new games in Q2 2025, bringing the total to more than 5,600 games from over 90 providers.
- Capital is being allocated to strategic initiatives such as a brand refresh and revitalization of High Roller and Fruta, and preparations to launch a third, locally anchored brand in Q3 2025.
