Fantasma Games

History and Founding

Fantasma Games AB was founded in 2016 (some sources cite 2017) in Stockholm, Sweden, by Fredrik Johansson and Eric Holmberg. The company’s vision was to revolutionize the slot game experience by incorporating video game mechanics such as progressive rewards, interactive features, and mobile-first design. The founders aimed to create games that felt more like engaging entertainment than traditional gambling products, a philosophy they describe as “slots beyond gambling.”

Business Model and Products

Fantasma develops and licenses slot games to online casino operators. Their games are designed for one-handed mobile play and are distributed through major aggregators and direct operator deals. The portfolio includes titles like Vulcan’s Gold, a medium-volatility slot with 5 progressive jackpots, a jackpot wheel, and a progressive free spin multiplier set in a forge/volcanic theme. Beyond named titles, the studio’s games are integrated with over 250 operators across 50+ countries, and the company has partnerships with platforms such as EveryMatrix’s SlotMatrix, Scientific Gaming’s OpenGaming, and Light & Wonder.

Market Position and Financial Performance

Fantasma Games operates as a boutique studio in the competitive iGaming slots market, known for its high-quality, mobile-optimized content. The company reported strong financials, with an EBITDA margin of 36% on €395K in Q2 2024, indicating a lean and profitable operation. Its games are particularly popular in European and North American markets. The studio’s acquisition by EveryMatrix in September 2024 for SEK 209.8 million (about €18 million) highlights its strategic value in expanding EveryMatrix’s in-house game development capabilities and North American reach.

Leadership and Ownership

Following the acquisition, Fantasma continues to operate as a dedicated studio under EveryMatrix AB. Fredrik Johansson remains CEO and co-founder, while Eric Holmberg serves as Chairman of the Board. Tianzhi Zhou is the Chief Product Officer (CPO). The management team also includes a Senior Business Controller (Axel Billgren), but no other C-level roles (CTO, CCO, COO) were publicly confirmed. The board includes non-executive members Antonia Svensson, Martin Fagerlund, and Johan Styren. Fantasma was previously listed on Nasdaq First North Growth Market Sweden but has since applied for delisting after the acquisition.

Recent Developments

The most significant recent event is EveryMatrix’s acquisition, which closed in late 2024 after acceptance by over 95% of shareholders. The deal strengthens EveryMatrix’s games division and is expected to broaden distribution of Fantasma’s titles through EveryMatrix’s operator network, particularly in the US and Europe. Fantasma continues to develop new games under the EveryMatrix umbrella, maintaining its brand identity and design philosophy.