Galaxy Gaming, Inc. (OTC: GLXZ)

Galaxy Gaming, Inc. is an established global gaming company specializing in the design, development, acquisition, assembly, marketing and licensing of proprietary casino table games, side bets, premium games and associated technology platforms for the casino and iGaming industries. The company creates products such as side bets like 21+3, Lucky Ladies and Bonus Craps, and premium games such as Heads Up Hold’em, High Card Flush, Cajun Stud, Three Card Poker and EZ Baccarat. These products are licensed to regulated land based casinos, riverboats, cardrooms and cruise ships to enhance gaming operations, improve profitability and offer players cutting edge entertainment content. In addition, Galaxy Gaming licenses its content and distributes third party gaming content to online casinos where internet gaming is permitted, providing a digital revenue stream that mirrors its land based offerings. The company’s geographic footprint spans North America, the Caribbean, Central America, the United Kingdom, Europe, Africa and various cruise ship routes worldwide.

The company generates revenue through two main streams designated GG Core and GG Digital. GG Core derives income from licensing proprietary table games, side bets, premium games and enhanced table systems to regulated terrestrial gaming establishments such as casinos, racinos, cardrooms and cruise ships. Examples of licensed side bets include 21+3, Lucky Ladies and Bonus Craps while premium games encompass Heads Up Hold’em, High Card Flush, Cajun Stud, Three Card Poker and EZ Baccarat. Enhanced table systems offered under the GG Core stream comprise the Galaxy Operating System, which collects wager data, supports electronic video displays and enables jackpot and bonus features across linked tables. GG Digital revenue arises from licensing the same game portfolio to content aggregators and online casinos where internet gaming is legal, allowing operators to offer the games on their platforms. Most clients enter into month to month or annual agreements with typical thirty to forty five day notice periods, resulting in recurring monthly or annual invoices that constitute the majority of total revenue. A smaller share of revenue comes from upfront perpetual license fees, which represented 4% of total net revenue in 2025 and 11% in 2024. Because license revenues have minimal direct costs, the company reports high gross profit margins comparable to revenues minus the cost of ancillary parts and assembled components.

Galaxy Gaming maintains a competitive niche in the gaming industry by leveraging its proprietary intellectual property, global distribution network and recurring revenue model. The company competes with larger established firms such as Light & Wonder, International Game Technology, Play AGS, TCS/John Huxley, Aces Up Gaming LLC, Genesis Gaming Solutions and Masque Publishing. Despite facing bigger rivals with broader product lines and greater capital resources, Galaxy Gaming differentiates itself through a deep portfolio of patented game mechanics, the flexibility to integrate its titles with electronic table systems and a history of supplying content to major online operators. The firm’s distribution reach includes partnerships with Evolution AB, Pragmatic Play, Playtech, SoftConstruct, Digitain, Hillside Technology, Entain, Flutter Entertainment and Crown Gaming, which helps it place its games on numerous online casino skins worldwide. Additionally, Galaxy Gaming acts as a distributor for third party content from companies like AGS and select Light & Wonder offerings, further strengthening its role as a global supplier of table game content. This dual approach of offering proprietary content and distributing third party titles enables the company to serve both land based and digital casino markets while building long term relationships with operators.

The company serves a diverse customer base that includes land based casinos, riverboats, cardrooms, cruise ship operators and online gaming platforms. Specific customers referenced in the filing are Evolution AB, Pragmatic Play Software Development Ltd., Playtech Software Ltd., SoftConstruct (Malta) Ltd., Digitain LLC, Hillside Technology Ltd. (Bet365), Entain, Flutter Entertainment plc and Crown Gaming, Inc. (DraftKings). These partners distribute Galaxy Gaming’s proprietary table games, side bets, premium games and enhanced table systems to their respective networks of regulated gaming operators across North America, Europe, Asia and other jurisdictions where gaming is lawful. In addition to these business to business arrangements, the company’s products are also available directly to online casinos through its GG Digital stream, which licenses content to operators offering internet based casino games.