High Roller Technologies, Inc.

What they do

The company operates real-money online casino ("iCasino") sites, offering more than 6,000 games from over 90 providers including video slots, blackjack, roulette, baccarat, craps and video poker, with live-dealer options. It takes wagers in select markets worldwide, principally under its Estonian remote gambling license, and also holds a license acquired with Casinoroom.com in Estonia. Revenue is generated through hold (gross winnings) as players play against the house. Prior to 2022 the business operated under the CasinoRoom.com domain; it completed an IPO in October 2024 and trades on the NYSE under ROLR.

Revenue drivers

• iCasino (HighRoller.com, Kassuuu.com, fruta.com) — The core and currently only revenue-generating business: online casino games played against the house, with revenue recorded as hold. Annual revenue fell from $29.7M in 2023 to $23.2M in 2024 and $20.5M in 2025.
• U.S. prediction markets (ROLR) — Pre-revenue. High Roller signed a collaboration agreement with Crypto.com Derivatives North America in April 2026 and its subsidiary was registered as a Guaranteed Introducing Broker in June 2026; it plans to offer CDNA event contracts in finance, sports and entertainment.
• Regulated market expansion — No revenue yet from locally licensed markets. The company has begun licensing in Ontario with a projected launch in the second half of 2026, which would add a locally regulated market alongside its existing remote-licensed operations.

Recent performance

Second quarter 2026 revenue was $2.8M, down from $3.4M in Q1 2026 and $6.3M in Q3 2025. Management attributed the decline to a deliberate exit from certain online casino markets, a more focused marketing strategy and rising organizational emphasis on prediction markets, while noting total operating expenses fell 23% year-over-year. Full-year 2025 revenue was $20.5M with net income of $3.2M and diluted EPS of $0.33, versus a $5.9M net loss in 2024. Operating cash flow remained negative at -$3.2M in 2025 and -$3.9M in 2024, and was negative for 2025 despite the reported profit. At June 30, 2026 the company reported $18.0M of cash and equivalents, $29.6M of stockholders' equity and $7.1M of total liabilities.

Strategy

The stated priority is building the ROLR prediction-markets platform toward commercial launch in the U.S., using the April 2026 Crypto.com Derivatives North America agreement and the June 2026 Guaranteed Introducing Broker registration by ROLR US LLC. Management has also introduced the ROLR consumer brand and ran a Free-To-Trade Prediction Challenge, and signed strategic marketing agreements with Lines.com, Forever Network and Leverage Game Media for customer acquisition. On the casino side, the company is pursuing a multi-brand strategy and an Ontario license with a projected launch in the second half of 2026. It raised $26.0M gross in early 2026 through a $1.0M private placement in January and a $25.0M registered direct offering at $13.21 per share. The company disclosed that it remains subject to NYSE continued listing requirements and may need to cure any noncompliance.

Risks

• Revenue decline in core casino — Annual revenue fell from $29.7M in 2023 to $20.5M in 2025, and quarterly revenue fell to $2.8M in Q2 2026, reflecting exits from certain online casino markets.
• Prediction markets are unproven for this company — The ROLR prediction-markets business has no reported revenue and depends on execution under the Crypto.com CDNA collaboration agreement.
• Intense iCasino competition — The 10-K states the company competes against well-financed online iCasino and interactive entertainment providers that may outspend it on development, marketing and promotions.
• Licensing and market-access risk — The company operates under remote and local gaming licenses, has begun the Ontario licensing process with a projected second-half 2026 launch, and the 10-K flags the risk of failing to obtain or maintain licenses with gaming authorities.

Outlook

Management describes Q2 2026 as a quarter of building the ROLR platform toward commercial readiness and says it remains focused on disciplined execution ahead of the planned U.S. prediction-markets launch. It also expects Ontario license approval in approximately the second half of 2026, with no assurance of success. The earnings release cites third-party forecasts of prediction-market trading volume reaching roughly $1 trillion to $1.5 trillion annually by 2030, though the company reports no revenue from that business to date. The company ended the quarter with $18.0M in cash and $29.6M in stockholders' equity.