SBC News Voice of the Sports Betting Industry
Paf, the sole gaming company of Finland’s autonomous Åland Islands, has raised €21.5m to maintain its social activities, public benefit initiatives and environmental projects.
The funds are the result of strong 2024 results, in which Paf upheld its long-standing social responsibility mandate. Notably, it remains the only European operator to self-impose general annual loss limits on customer accounts, a policy first introduced in 2018 and further tightened in 2024.
Despite the self-imposed restrictions, Paf revenues increased by 3% to €183m (2023: €177m). Group earnings were maintained at €54m, representing a slight decline on FY2023’s €55m.
Leadership views the sustained earnings as a success, particularly in the face of heavier taxation across core markets. In 2024, Finland increased its lottery tax from 5% to 12%, while Sweden raised its gaming tax from 18% to 22%, effective 1 July.
“We had a strong 2024, and we can be really pleased with the year. The trend of increased gambling taxes is bringing down earnings, but this was something we were prepared for,” said CEO Christer Fahlstedt.
Fahlstedt also emphasised the sustainability of Paf’s player base, noting that the company’s focus on lower-spending recreational customers enables it to absorb higher taxation while maintaining profitability:
“Paf is well equipped to handle tax increases thanks to our customer base, which generates long-term income from a large number of players who play for smaller amounts.”
The company made headlines by further reducing its general loss limit to €16,000 per year in March 2025, including additional restrictions for customers aged 20–24.
CEO Fahlstedt criticised Finnish gambling monopoly Veikkaus for moving in the opposite direction and raising its own player loss limits — a decision seen as undermining responsible gambling efforts.
“I am genuinely surprised and a little disappointed that our state-owned counterpart Veikkaus in Finland has chosen to raise its loss limit this spring. But we are going our own way and they are going in a different direction,” he stated.
“At a time when the social harms of gambling are well understood, it’s deeply concerning that a government-owned monopoly would choose to loosen protections rather than strengthen them.”
Paf’s transparent approach to responsible gambling was further demonstrated through its audited breakdown of customer segments.
The company reported a 12.3% increase in revenue from low-risk ‘green’ segment players, underlining its long-term commitment to sustainable operations and player wellbeing.
Moving into 2025, Paf leadership and governance will closely monitor forthcoming regulatory changes in Sweden, and the pending legal settlements for Finland to launch its online gambling market as of 2027.
The company, like other Finnish market stakeholders, has been making preparations for a regulated market launch. A notable recent initiative is a marketing one, with the firm securing a deal with F1 driver Kimi Räikkönen, one of the country’s most notable sports personalities.
Chairman Jan-Mikael von Schantz praised the Paf responsible ethos: “The level of Paf funds that can be maintained year after year, combined with the voluntary measures taken in relation to responsible gaming towards customers, is impressive. There is no other company in the industry that is currently achieving anything similar.”
