Galaxy Gaming Inc (OTCQB: GLXZ) is a Las Vegas-based gaming company that designs, develops, acquires, and licenses proprietary casino table games, side bets, and associated technology to land-based and online casino operators worldwide. Revenue comes from two streams: GG Core, which licenses products to regulated terrestrial venues including casinos, racinos, cruise ships, and cardrooms, and GG Digital, which licenses content to online casino operators and content aggregators in markets where iGaming is legal. Products are present across North America, the Caribbean, Central America, the United Kingdom, Europe, Africa, and cruise ships as of the 10-K filed 2026-03-30. The company operates as a single reporting segment. Adjusted EBITDA was $13,257,035 for FY2025 and $13,040,932 for FY2024. As of January 6, 2025, the company carried a $45,000,000 senior secured term loan and a $2,000,000 revolving credit facility with BMO, maturing January 6, 2028. On July 18, 2024, Galaxy Gaming entered into a merger agreement to be acquired by Evolution Malta Holding Limited in a cash transaction, pending regulatory approvals.

Revenue model

Licensing fees billed monthly, either in advance for unlimited use or in arrears for actual use, under month-to-month or annual contracts with 30-45 day termination notice requirements. Two streams: GG Core (land-based licensing) and GG Digital (iGaming content licensing). Premium Games generally generate higher revenue per table than Side Bets.

Products and services

Proprietary table games in two categories: Side Bets (wagering features added to public domain games such as baccarat, blackjack, craps, and pai gow poker, including 21+3, Lucky Ladies, and Bonus Craps) and Premium Games (stand-alone games including Heads Up Hold 'em, High Card Flush, Cajun Stud, Three Card Poker, and EZ Baccarat). Also offers electronically enhanced table game platforms, electronic table game (ETG) licensing, and iGaming content distribution including third-party content.

Customers and end markets

Land-based regulated gaming establishments (casinos, racinos, cardrooms, cruise ships) via GG Core. Online casino operators, content aggregators, RNG operators, and Live Dealer B2B partners via GG Digital. Customer base spans both B2C and B2B models in the iGaming channel.

Value-chain role

Intellectual property licensor and content distributor sitting between game designers and casino operators. Assembles hardware at Las Vegas headquarters and through outsourced U.S. sub-assemblies. Distributes third-party content to iGaming operators in addition to proprietary titles.

Geographic exposure

North America, Caribbean, Central America, United Kingdom, Europe, Africa, and cruise ships worldwide, as stated in the 10-K filed 2026-03-30.

Source: SEC 10-K, filed 2026-03-30

Industry: Services-Amusement & Recreation Services Peers: PlayAGS, Inc. Canterbury Park Holding Corp EBET, Inc. GAN Ltd Las Vegas Sands Corp Sports Entertainment Gaming Global Corp Table Trac Inc