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TSG Group’s financial results for Q2 2025: solid foundations, transformation of core titles and global debut of Trophy Hunter.
In Q2 2025, Ten Square Games consistently executed its plan to transform its core titles and further expanded the flight simulator segment, with a particular focus on Wings of Heroes. The share of TSG Store in Group bookings reached new record levels.
The Company successfully prepared for the launch of its newest game, Trophy Hunter, on the global market and made significant progress in developing Real Combat Simulator. Although in the short term the effects of these efforts are not yet fully visible in q/q results, on a y/y basis – in H1 2025 – the Group recorded clear improvement in adjusted EBITDA and net profit, and generated a strong cash position.
“Our strategy is clear – the transformation of our core titles, accelerating the growth of Wings of Heroes, and bringing new projects to market. The past quarter showed that we are making real progress in each of these areas, even if the effects are not always immediately visible. That is why we are especially pleased with the successful launch of Trophy Hunter – our first new title since 2022. Players received it very positively, and early KPIs demonstrate clear growth potential. The progress achieved so far strengthens our conviction that the path we have chosen for the Group’s development is the right one.” – said Andrzej Ilczuk, CEO of Ten Square Games S.A.
Transformation of core titles
In H1 2025, Group bookings amounted to PLN 171.9 million, down 12.3% y/y, driven by declines in both core titles. In Fishing Clash, bookings reached PLN 101.4 million in H1, including PLN 48.7 million in Q2 2025 alone. Hunting Clash generated bookings of PLN 33.9 million in H1, of which PLN 15.2 million came in Q2 2025.
The Group continued the transformation process in both titles, aimed at halting the decline in bookings and rebuilding monetization potential. Key actions included extensive testing of player segmentation and offers, as well as improving the early-game user experience. During the period, user acquisition spending was significantly reduced. This was a deliberate decision which, while lowering bookings in the short term, is designed to increase the effectiveness of marketing investments in the longer perspective.
A return to higher marketing spend is planned once key game metrics, in particular early retention, improve. Enhancing the early-stage player experience remains a critical element of the transformation process. According to the Management Board, the tests already show initial positive signals, although full effects will take more time as the solutions are extended to larger groups of players who account for a significant share of Group bookings.
Growth of projects with increasing importance: Wings of Heroes, Real Flight Simulator and TSG Store
Titles in the flight simulator segment maintained positive y/y growth in bookings. In H1 2025, Wings of Heroes achieved bookings of PLN 13.6 million, up 111.7% y/y, while Real Flight Simulator generated PLN 10.5 million (+7.9% y/y). In Q2 2025, bookings for these projects reached PLN 6.3 million and PLN 5.2 million respectively. Both projects will soon deliver new updates to players.
TSG Store approached the strategic threshold of 25% share in Group bookings – in June 2025 the ratio stood at 23.4%. The share reached 32.9% in Fishing Clash and 21.7% in Hunting Clash. Record results of TSG Store were driven primarily by systematic in-house development, including the introduction of a unique currency in Hunting Clash, a redesigned store in Fishing Clash, and the implementation of a loyalty system for customers. An important external factor was also a U.S. federal court ruling allowing direct in-app communication with players using Apple devices in the USA about the store’s offer.
New projects: successful global debut of Trophy Hunter and development of Real Combat Simulator
On July 3, 2025, the global premiere of Trophy Hunter took place – Ten Square Games’ first new release since October 2022. Early retention and monetization metrics outperform the Group’s previous titles and highlight the game’s growth potential. The Company is supporting its development with marketing campaigns whose budgets are gradually increasing. The product roadmap for H2 2025 assumes rapid enrichment of the game with new content and features designed to strengthen its community aspects and differentiate Trophy Hunter from competitors. The team’s top priority at this stage is to support player retention and engagement. As of August, the development team has been expanded to 11 people. Trophy Hunter operates on a hybrid model, generating revenues from both in-app purchases and ads.
At the same time, Real Combat Simulator, developed by the Group’s subsidiary Rortos, is progressing. Work is currently underway on an update introducing multiplayer mode and new content – a key stage bringing the project closer to global launch.
Solid foundations and financial flexibility
“In the first half of 2025, Ten Square Games’ financial results improved year-on-year despite a decline in bookings. This improvement was largely driven by reduced marketing spend and strong cost discipline across other areas. During this period, we once again allocated a record-high dividend to our shareholders, while the strength of our business model was confirmed by a solid cash position that ensures financial flexibility for the future,” said Magdalena Jurewicz, CFO of Ten Square Games S.A.
In H1 2025, adjusted EBITDA of the Ten Square Games Group reached PLN 57.6 million, up 5.0% y/y. In Q2 2025, adjusted EBITDA stood at PLN 27.0 million – broadly in line with last year, but down 11.4% compared to Q1 2025. Net profit in H1 2025 increased 18.7% y/y to PLN 47.4 million, while in Q2 it amounted to PLN 20.0 million, lower both y/y and q/q.
Operating cash flow in January–June 2025 amounted to PLN 56.3 million, of which PLN 26.3 million was generated in Q2. In the same period, the Company paid a dividend of PLN 100 million and settled an earn-out payment of PLN 14.7 million to the former owners of Rortos. Regular generation of cash from operations provides the Group with solid financial foundations, enabling simultaneous investment in growth and sharing profits with shareholders.
The post TSG Group’s financial results for Q2 2025: solid foundations, transformation of core titles and global debut of Trophy Hunter. appeared first on European Gaming Industry News.
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Finland’s Gambling Reform Is Official – What Happens Next?
The wait is over: The Finnish Parliament has officially approved the new gambling legislation. In a decisive plenary session, MPs voted 158 in favor to 9 opposed, with 32 abstaining. The text remained unchanged from the version presented in previous weeks, solidifying the framework for Finland’s transition from a monopoly to a licensed market.
With the political uncertainty resolved, the focus now shifts to implementation. For operators, this means the race to compliance—and market entry—has effectively begun.
The Confirmed Timeline
With the legislation passed, the roadmap to the market opening is now set. Operators must use the coming months to prepare for a rigorous licensing process.
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Early 2026: The application window is expected to open. The regulator will begin accepting and reviewing license applications.
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2026 (Throughout): The “preparatory year.” This period is dedicated to vetting applicants, ensuring technical compliance, and establishing the new supervisory authority.
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January 1, 2027: The regulated Finnish market officially opens. Licensed operators can go live with betting and online casino services.
Entering the Finnish Market with Nordic Legal
Navigating a new jurisdiction is complex, but it doesn’t have to be inefficient. With extensive experience advising on gaming licences across the Nordic markets, Nordic Legal brings a proven, practical approach to the Finnish process.
Efficiency Through Synergy If you already work with us in Denmark or Sweden, we ensure your Finnish licence application isn’t a “start from scratch” project. We build directly on our existing knowledge of your organisation and systems.
Your usual Nordic Legal contact will coordinate directly with our Helsinki team at no extra cost. This integrated approach saves you time and avoids the frustration of duplicating work you’ve already done for other Nordic licenses.
Our Approach We focus on smart compliance:
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Reusing documentation where regulations overlap.
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Anticipating regulatory questions before they are asked.
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Aligning requirements for technical standards and responsible gambling.
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Engaging constructively with the Finnish authority to ensure a smooth process.
The Finnish Licence Application Package
To support your entry, we offer a comprehensive package designed to handle the heavy lifting:
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Translation of all required documents.
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Guidance and completion of complex application forms.
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Full project management from start to submission.
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Direct communication with the Finnish regulator on your behalf.
Next Steps
The window for preparation is narrowing. Contact your usual Nordic Legal advisor today to discuss the new legislation or our Licence Application Package. Alternatively, reach out to us directly to secure your place in Finland’s upcoming regulated market.
The post Finland’s Gambling Reform Is Official – What Happens Next? appeared first on Gaming and Gambling Industry Newsroom.
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GAMEPOP: The Culture of Play by Red Bull Media House – the first bookazine devoted entirely to video game culture
Introducing GAMEPOP: The Culture of Play, a new premium bookazine by Red Bull Media House and the world’s first magazine dedicated entirely to video-game culture. Designed as a rich, book-like publication, GAMEPOP rethinks what a magazine can be, capturing the creativity, personalities and ideas shaping modern gaming. GAMEPOP will debut at the Red Bull Tetris World Final in Dubai from December 11 to 13, followed by The Game Awards on December 11. The issue will then be available through select international retailers in the weeks that follow.
Across 180 pages, the issue brings together a wide range of cultural voices, including Japanese game designer Hideo Kojima, leading DC Comics creators, the Oscar-nominated team behind Grand Theft Hamlet and contributors with bylines in Vogue. The bookazine also spotlights standout Red Bull talent, including YouTube star Ludwig, Twitch creators Emiru and Caedrel, and Red Bull athlete MenaRD.
Rather than treating gaming as a standalone medium, GAMEPOP looks at how games influence, and are influenced by, wider culture. Through original photography, long-form features, illustration and visual essays, the publication explores how gaming connects to global trends in style, music, movement, storytelling and performance, and the creative communities driving that conversation.
The issue also includes interactive elements, including a bespoke Choose Your Own Adventure story created exclusively for the launch. A limited collector edition of 150 copies takes the concept a step further, featuring a fully functioning Tetris® device embedded directly into the cover – an industry first that turns the magazine into an object of play.
The post GAMEPOP: The Culture of Play by Red Bull Media House – the first bookazine devoted entirely to video game culture appeared first on Gaming and Gambling Industry Newsroom.
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Red Rake Gaming Expands Global Presence Through Partnership with QTech Games
Red Rake Gaming is pleased to announce a partnership with QTech Games, a leading aggregator and platform renowned for its strong presence in emerging markets on a global level. This collaboration brings Red Rake’s diverse and visually engaging portfolio of slots to QTech Games’ extensive aggregation platform, giving players across multiple continents access to high-quality, entertainment-focused casino content.
Founded in 2015, QTech Games is celebrating its 10-year anniversary in 2025. Over the past decade, the company has grown from rapid early-stage expansion to become a dominant force into emerging markets worldwide. With a global presence —including a new tech hub in Spain and offices in Malta—and Latin America, QTech Games has established itself as a fully-fledged international powerhouse.
Players can now enjoy titles from the Million Series, the Super Stars Series, and seasonal slots such as Halloween Wins and Christmas Wins, alongside new adventures including Azteca Gold Collect, Sherlock and the Stolen Gems, Beating Alcatraz, Big Size Fishin’, and Midas Wins.
QTech Games CEO, Philip Doftvik, said: “It’s another notch on our belt to have integrated more premium content from Red Rake. Theirs is a growing and constantly innovating library, delivering impressive support to the depth of our broad igaming-vertical spread.”
Nick Barr, Managing Director for Red Rake Gaming Malta, commented: “We are thrilled to partner with QTech Games and bring our portfolio of games to their growing network. Their leadership in emerging markets and innovative approach to aggregation allow us to reach new players and provide them with high-quality gaming experiences featuring unique features and visually engaging content. This collaboration marks an important step in strengthening our presence in key markets and further establishing Red Rake Gaming’s international presence.”
The post Red Rake Gaming Expands Global Presence Through Partnership with QTech Games appeared first on Gaming and Gambling Industry Newsroom.
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