Paf’s Record Year Comes After Cutting Off Its Riskiest Players

Paf has posted its strongest annual revenue figure to date, even after tightening the loss limits that pushed its highest-risk customers out of the business.

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The Åland-based gambling operator reported revenue of €214.5 million for the year, a 12% rise from the previous period. Profit also climbed, though more modestly, increasing 5.3% to €57.2 million.

The figures matter because Paf has been moving in the opposite direction of much of the gambling industry. While many operators still generate a significant share of revenue from a relatively small group of high-spending customers, Paf has continued lowering mandatory loss caps and building its identity around stricter controls.

That approach has often been treated as a difficult commercial trade-off inside the sector, where tighter limits are frequently associated with lower player spending. Paf is now trying to present its latest results as evidence that a gambling operator can continue growing even while actively reducing exposure to the customers most likely to experience harmful losses.

In March 2025, Paf cut its annual loss limit to €16,000, with a stricter €6,000 ceiling for customers aged 20 to 24. That general cap has since been reduced again to €15,000.

The company says the policy has changed the shape of its player base. Its highest-risk customer segment is no longer part of the business, while revenue from customers losing less than €8,000 a year has grown. Active customer numbers rose 12%, suggesting the operator is replacing reliance on high-loss accounts with a wider pool of lower-spending users.

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A Different Growth Strategy

Paf also pointed to its public-benefit role. Last year it allocated €55.5 million to community funds, taking total contributions since 1966 to €527.9 million. The company has long operated under a structure where profits are directed toward social initiatives in Åland, something it regularly uses to distinguish itself from privately owned gambling competitors.

Its board chair, Jan-Mikael von Schantz, described the €500 million milestone as a significant point in the company’s nearly 60-year history. Paf began with local gaming activities in Åland before expanding onto Baltic ferry routes and later into digital gambling markets across Europe as online betting grew during the 2000s.

The next test is Finland.

Paf is preparing for the country’s regulated online gambling market, expected to open in July 2027 and end Veikkaus’ mainland monopoly. The operator has already applied for a licence and is trying to build visibility early.

That push includes partnerships linked to former Formula 1 driver Kimi Räikkönen and a deal involving its 1X2 sportsbook brand with Swedish football media platform Fotbollsmorgon.

Other Nordic operators are circling the same market. Sweden’s ATG, through Hippos ATG Oy, is among those already moving into position.

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