Silverback Gaming

Company History

Silverback Gaming was founded in 2019 by Raphael Di Guisto and Ivaylo Karmazov. Di Guisto had previously co-founded Cayetano Gaming, a former supplier to Paddy Power and Betfair, while Karmazov brought experience from his own web studio Grind Web Studio. The company launched its first game, Aztec Luck, in summer 2020 via Relax Gaming's Silver Bullet platform, a distribution network that also hosted studios like 4ThePlayer and Kalamba Games. This partnership gave Silverback immediate access to Relax's regulated operator network, which held licences from the UK Gambling Commission, Malta Gaming Authority, and ONJN in Romania.

In December 2021, US-based iGaming platform provider GAN Limited acquired Silverback Gaming, securing exclusive rights to distribute the developer's portfolio. The acquisition allowed Silverback's games to reach even more operators through GAN's GameSTACK platform, which powers over 70 brand worldwide. Despite the takeover, Silverback continues to operate as a distinct brand, maintaining its original identity and development approach.

Business Model and Distribution

Silverback operates as a B2B content supplier, licensing its slot games to online casinos. Its early distribution relied on the Silver Bullet platform, which aggregated content from multiple independent studios and provided a fast route to market. After the GAN acquisition, Silverback's games became available through GAN's own network while the Relax Gaming partnership appears to have remained active, giving the studio dual distribution channels. The company focuses on original IP and innovative mechanics rather than licensed themes, targeting both casual players and high-volume spinners with moderate volatility and engaging bonus structures.

Products and Technology

All Silverback games are built on an HTML5 framework, making them lightweight (around 17 MB initial load) and optimised for instant play on any modern browser or mobile device. The interface automatically adapts to portrait and landscape orientations, and the code supports deep 3D effects, dynamic animations, and rich soundscapes. The company's debut title, Aztec Luck, is a 5-reel, 3-row video slot with an Aztec theme, free spins, and a multi-symbol bonus mechanic. Subsequent titles have followed the same mobile-first design philosophy, though the full portfolio remains small. The company's in-house graphic design talent, recruited from studios such as Cayetano and Spintech Bulgaria, gives its games a distinctive visual style.

Market Position and Regulatory Footprint

Silverback Gaming positions itself as a nimble, technology-driven studio that prioritises performance and user experience. Its early success was built on the partnership with Relax Gaming, which provided instant access to regulated markets across Europe. The acquisition by GAN further strengthened its regulatory compliance and distribution capabilities, allowing Silverback to reach operators in markets where GAN holds licences. The company has not disclosed financial figures, but its continued presence at industry events such as SBC Summit and its role within the GAN ecosystem indicate sustained operational activity.

Key People

Raphael Di Guisto serves as co-founder and Senior Vice President of Silverback Gaming. Ivaylo Karmazov is the co-owner and brings business development expertise from his background with Grind Web Studio. No other C-level executives have been publicly confirmed for Silverback since it became a subsidiary of GAN Limited.