Åland Islands-based gaming operator Paf said it was “prepared” for an increase in gaming taxes, which led to a one per cent decline in profit for Q1.
The company’s earnings dropped from €55.1m to €54.3m as a result of its payment of €11.8m more in tax in 2024 than in 2023.
The lottery tax in Finland rose from five per cent to 12 per cent, while the overall gaming tax in Sweden climbed four per cent to 22 per cent.
“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,” said the gaming operator’s CEO, Christer Fahlstedt.
“Taxes on gaming companies are necessary, so that other gaming companies also can contribute back to society.”
Paf’s turnover climbed three per cent year-on-year from €177.1m to €183m, and the company has set aside €21.5m to be distributed to society, including for social activities and culture.
Paf has continued to lower its loss limits for all age groups. For those aged 18-19, it is €1,800 in a 12-month period, rising to €6,000 for players aged between 20 and 24.
There is also an overall loss limit of €16,000 per year, which was reduced from €17,500 in March this year.
“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,” said Jan-Mikael von Schantz, chairman of the Paf board.
“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.”
