Nordic igaming operator Paf has published its financial results for 2024, reporting a 3% increase in turnover to €183.0 million, up from €177.1 million in 2023. Despite this growth, earnings declined slightly year-on-year, with profit falling from €55.1 million to €54.3 million. The company attributed the 1% drop primarily to higher gaming taxes across key markets.
Tax contributions rose by €11.8 million compared to the previous year, driven largely by increases in national tax rates. Finland raised its lottery tax from 5% to 12%, while Sweden implemented a rise from 18% to 22%.
Paf continues to emphasise sustainability and player protection across its igaming operations. In 2024, the company further reduced annual loss limits for players aged 20–24 and introduced a new overall loss limit of €16,000 in March 2025, reinforcing its approach to responsible gambling.
The operator’s open customer data segments, which have been audited as part of the financial review, show that the number of players experiencing high annual losses has reached zero in recent years. The data also indicates a consistent percentage of players ending the year in profit.
Paf will distribute €21.5 million in annual funds to support social and community initiatives, including youth programmes, culture, sports, and environmental activities, in line with its stated mission of generating positive societal impact through its gaming operations.
The full audited annual report, including detailed figures on customer segmentation and loss prevention measures, is available on Paf’s website.
“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 Christer Fahlstedt, CEO.
“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. Taxes on gaming companies are necessary, so that other gaming companies also can contribute back to society,” says Christer Fahlstedt.
“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,” says Jan-Mikael von Schantz, Chairman of the Paf Board.
“We want to be a sustainable entertainment company, and our results show that it is possible to achieve strong results without compromising on responsible gaming. 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,” says Christer Fahlstedt.
“We are increasing revenue from the green segment by 12.3%, which benefits our development towards more sustainable revenue. We would like to see more operators be as open and transparent with their numbers as we are,” says Christer Fahlstedt.
