Paf Delivers Strong Results and Large Societal Contributions
The Nordic gaming company Paf has had a good year, the international successes continue and the Land & Ships business has recovered a great deal after the pandemic. The group turnover for 2022 increased from €135 million to €165.7 million (£143 million/US$181 million), which is an increase of 23% and a new turnover record.
“We are pleased with last year, it is a good result and a testament to our ability to deliver. We are doing much better in Sweden, Switzerland and Spain. In addition, our ship operations have largely recovered,” says Paf’s CEO Christer Fahlstedt.
Paf’s profit increased from €34.3 million to €44.4 million, with around €8 million of the positive result being due to a temporary reduction in lottery tax in Finland. The result paves the way for a larger distribution of Paf funds.
“Paf’s purpose is to generate funds for the benefit of society and with the strong result we can distribute €33.1 million. From the Board’s point of view, we are really pleased with how the employees have managed to perform and develop the company over the past year,” says Chairman of the Board Jan-Mikael von Schantz.
Since its foundation in 1966, Paf has donated over €400 million to societal benefits, totalling €416 million.
Major investments in responsible gaming
In autumn 2022, Paf chose to lower the mandatory loss limit for young players aged 18-24. In the spring of 2023, Paf chose to invest heavily in responsible gaming again, when it lowered the loss limit for all customers to €17,500 per year. In addition, Paf introduced a specific loss limit for young players aged 18-19, 1800 euros per year.
“We estimate that our measures cost about €7 million in total. For Paf as a company, this is a significant sum, but it is the right thing to do. We should provide entertainment in a sustainable way,” says Christer Fahlstedt.
The loss limits have put an end to the revenues from the most intensive playing customers.
Verified published customer segments
We believe in openness and that in the long run it makes Paf a more trustworthy gaming company. Paf started openly publishing figures for customer losses and winnings already five years ago, in 2019. In this year’s numbers with Paf’s customer segments, the figures for the Swedish Speedy companies are included in the 2022 column.
“We have increased the more sustainable green revenues by 22% from 2021 to 2022, which is a big step in the right direction. The other segments have also increased, which can mostly be explained by our recent acquisition of the Speedy companies in the Swedish market,” says Christer Fahlstedt.
The figures for Paf’s customer segments have been reviewed and verified by an external accounting firm in connection with the review of Paf’s annual report.