Åland-based gambling company Paf gives €20M to public good

During 2016, the Åland-based gambling company Paf made a profit of €15.2 million, with a decrease of €7.5 million from the previous year.

The company’s total revenue increased from €110.0 million to €113.5 million, which is the best in Paf´s history. The regional government of Åland proposes that €20 million in Paf funds be distributed to public good on the Åland Islands.

In 2016, Paf’s revenue increased from €110,0 million in 2015 to €113.5 million. While Paf’s overall result was down from €22.7 million in 2015 to €15.2 million in 2016, the gross gaming revenue (GGR) for online operations increased by 7% from the previous year to €81.9 million. The GGR for physical gaming operations on land and aboard ships decreased by 7% compared with the previous year to €31.5M.

- We have been able to keep the momentum and deliver a relatively strong result, considering the circumstances. Aside from a few non-recurring items, the operative result of 2016 is in line with the strong trend of the previous year. Paf’s product has gained competitive edge during the year, and we have many exciting innovations and new functions in the pipeline for 2017, says Christer Fahlstedt, CEO at Paf

- In addition, we are implementing some organisational changes to gradually create optimal conditions for moving forward even faster as an organisation and as a company.

All in all, the year 2016 has been an exciting and eventful one for the company: in addition to considerable changes in top management during 2016, Paf has celebrated its 50th anniversary, moved into new head offices on Åland and initiated collaboration with the Norwegian cruise ferry operator Color Line.

- Looking forward to 2017, we feel confident in continuing our journey into the future with our robust 50-year-old company, firmly rooted in the history that has shaped Paf as a company and as an organisation, Fahlstedt says.

Paf was founded for the purpose of generating funds for supporting good causes on the Åland Islands in 1966, and during its existence the company has generated over €300 million for public good by providing gaming entertainment to customers. This year, the Paf Board proposes that good causes will be supported by €20 million in Paf funds. The sum will be distributed to beneficiaries by the Åland regional government, the owner of Paf.

A short version of the Annual Report can be found by clicking this link . A full English version will be published soon.

The report and a photo of Christer Fahlsted is also attached to this press release.

Some 2016 company milestones:

  • Christer Fahlstedt took up the position as Paf’s CEO after Anders Ingves.

  • Goran Ristic was appointed as the new CMO. He replaced the former Marketing Director Stefan Rumander.

  • Per Sahlberg was taken on as the new CFO. The former CFO Johan Rothberg was named deputy CEO with focus on business development.

  • Paf signed a long-term contract with Norwegian cruise and transport shipping company Color Line. Paf will be responsible for all gaming activities aboard the shipping company’s six vessels in the North Sea.

  • All Paf employees on Åland moved into the newly built and partially rebuilt environmentally friendly head offices. The entire customer support was also moved in-house.

For more information, please contact:

Christer Fahlstedt
CEO
+358 (0)406329990
christer.fahlstedt@paf.com

Anders Sims
Director of Communications
+358 (0)457 342 8228
anders.sims@paf.com

Aino Waller
PR Manager
+358 (0)407569608
aino.waller@paf.com

About Us

Paf (Ålands Penningautomatförening) was founded on Åland in 1966 for raising funds to support public good and is owned and licensed by the regional government of the Åland Islands. Today, Paf is an international gaming operator with over 400 online games including slots, casino, poker, betting, bingo and lotteries. Paf also has physical gaming operations on land and sea, with about 1,500 slot machines and 55 gaming tables aboard ships in the Baltic Sea and the North Sea, in Paf Casino on Åland and Casino Sunborn in Gibraltar. Paf is dedicated to developing socially and environmentally sustainable money gaming entertainment for its customers. In 2016, the Paf Group had a total revenue of €113 million and a profit of €15.2 million. The contribution to public good in 2016 was €20 million. The group has over 400 employees, with offices in Mariehamn, Stockholm, Tallinn and Madrid. For more information, please go to www.paf.com.

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