Five Key Takeaways from Kongebonus’ Interview with EXCO Founder, Fredrik Elmqvist

Few people in slot development can speak about originality with the same authority as Fredrik Elmqvist.

As the founder of Yggdrasil Gaming, Elmqvist helped build one of the most recognisable supplier brands in modern iGaming, known for cinematic slots, distinctive mechanics and in-game promotional tools that influenced how games were developed and marketed.

Now he is back with EXCO Game Studio, a new independent studio launched in 2025 with a clear ambition: to create original video slots, proprietary mechanics and fewer, more considered releases. In a candid interview with Kongebonus Editor-in-Chief David Nilsen, Elmqvist discussed why he started EXCO, what he believes the modern slot market is getting wrong, and why player-first development still matters. 

Here are our five key takeaways from the conversation.

1. EXCO is not trying to become another content factory

One of the clearest messages from Elmqvist is that EXCO has not been created simply to add more games to an already crowded market.The studio’s vision is built around making games the team would actually want to play themselves. For Elmqvist, a slot should have a clear reason to exist. It needs a defined idea, strong mechanics, solid maths, clear user experience and its own identity.That is a direct challenge to the volume-led approach seen across parts of the market, where studios are under pressure to maintain busy release schedules. EXCO’s strategy points in the opposite direction: fewer launches, higher quality and games that can be explained through a clear creative or mechanical purpose.

2. The industry has improved technically, but lost some imagination

Elmqvist is clear that modern slot development has moved forward in many ways. Games are stronger technically, with better graphics, animation, sound, mobile performance, speed and promotional tools than 10 or 15 years ago. But he also argues that something has been lost along the way.In his view, the industry has become better at production, but not always better at imagination. Popular themes and mechanics are copied quickly, trends are repeated, and too many releases begin to feel like variations of the same idea.That is one of the most interesting parts of the interview, because it captures a tension many players and operators will recognise. The market is more advanced than ever, but originality has become harder to find.

3. “No reskins” is more than a product slogan

EXCO’s “no reskins” message is one of the studio’s clearest points of difference, but Elmqvist frames it as more than a comment on graphics or themes.For him, the phrase is about avoiding copied strategies, repeated studio language and recycled product thinking. A studio should not only say it is innovative or player-first; that identity has to show up in the games themselves.

This is where EXCO’s focus on proprietary mechanics becomes important. The studio’s GAMEX suite includes features such as Wrapper Stacks, Power Field and Boss Fights, giving the studio named mechanics and systems it can build around.The wider point is simple: if every studio looks, sounds and behaves the same, players have little reason to care. Distinctive mechanics, recognisable logic and a stronger brand personality can help a studio stand apart.

4. Player-first development means making harder decisions

“Player-first” is one of the most commonly used phrases in iGaming, but Elmqvist gives it a more practical definition.

For EXCO, it means the game experience has to drive the product. It is not enough for a title to look good in a trailer. It has to feel right after 20 spins. The mechanics must be clear, the volatility must make sense, the bonus feature must create excitement, and the game must offer moments players want to chase.That also means being prepared to challenge or abandon ideas internally. If a mechanic is weak, it has to be improved. If a bonus feature is boring, it has to be rebuilt. If a game lacks identity, it should not be pushed through simply to fill a launch schedule. That is a tougher standard than a marketing phrase, and it is one of the reasons EXCO will be interesting to follow.

5. More knowledgeable players are raising the bar

Another important theme in the interview is how much player understanding has changed.Elmqvist points out that modern players know far more about RTP, volatility, bonus buys, max wins and mechanics than they did in the past. That makes the market more demanding, because players can quickly spot the difference between a thoughtful game and one relying on graphics, familiar formats or shallow features. For good studios, that is a positive change. Better-informed players force suppliers to be clearer, smarter and more intentional. They need to explain what players are chasing, why a feature matters and how the game creates genuine anticipation.It also makes weak design harder to hide. As Elmqvist puts it, players cannot be tricked with gimmicks if they understand the game. The product itself has to be good.

Why this interview matters

The launch of EXCO is interesting because it is not only the return of a well-known founder. It reflects a wider question facing the slot market: has the industry become too focused on speed, volume and familiar ideas? Elmqvist’s answer is clear. The market does not need more content. It needs better content.

To read the full interview with Fredrik, head to:

https://www.kongebonus.com/nyheter/fredrik-elmqvist-exco-game-studio-intervju/