SBC News Paf cuts maximum yearly loss limits by €5,000

Paf cuts maximum yearly loss limits by €5,000

Åland Islands-based gaming operator Paf has confirmed that it will reduce its maximum yearly loss limit by €5,000, in a bid to prioritise responsible gambling measures.

In 2018, Paf became one of the first operators to introduce a maximum limit for the amount a customer can lose in a year. Paf has since confirmed that its initial maximum limit of €30,000 will now be dropped to €25,000.

The new lower loss limit of €25,000 will take effect on 1 January 2020 and will apply immediately to all online players at Paf.

“We have promised that none of our players should be able to lose their house or their home, that’s why we imposed a loss limit of €30,0000. We have now decided to strengthen that promise for the next year by lowering our maximum limit to €25,000 – which corresponds to just over €2,000 a month on average,” says Paf CEO Christer Fahlstedt.

“We don’t just want to sit down and pat ourselves on the shoulder when we have done something good. We have followed closely how the situation has developed, taken serious note of what the research says and the feedback we have received. A lower annual loss limit is good for our customers and it’s the most effective thing we can do.”

According to research carried out by Stockholm University, it has been revealed that the inclusion of voluntary gaming limits has no overall impact on the ‘gambling intensity of the users of an online gambling service.’

Fahlstedt added: “This new research reaches a terrible conclusion. It shows that one of the most common tools for responsible gaming – setting your own voluntary limits – is worthless and does not work. That’s why we have chosen to lower our fixed mandatory loss limit further because it has a real effect.”

The gambling operator explained that the decision to drop its loss limit will subsequently result in a loss of two percent of revenue, which corresponds to about €2 million.

Fahlstedt continued: “We have already promised that we will have no big players left in Paf’s customer database in 2020. We are prepared to say no to this unsustainable money that a relatively small number of players in the gaming industry stand for.

“Of course, it is not good to lose revenue, but we are doing well as a gaming company and I am sure that our customers appreciate the position we have taken.”

“All of Paf’s profits go to the benefit of society. Therefore we should also be able to say that the money we earn has not caused major problems in society. That is why we want to highlight the figures while doing something for real to stop big players. We are also encouraging others in the gaming industry to follow suit,” concluded Daniela Johansson, Paf Deputy CEO and Chief Responsibility Officer.

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