Paf increases profit for the third year running

The Åland gaming company Paf recorded a profit of €31.4 million in 2013, which was an increase of 17 per cent over the previous year. It is proposed that €21 million of the profit will be awarded to Paf’s owners the Åland Government to be distributed for public good.

Anders Ingves, CEO of Paf, says: “The positive trend from 2012 has continued in 2013 with increased revenue in most months of the year compared with the same months in the previous year. The rate of increase was particularly pronounced during the first two quarters while the trend in the last two quarters was weaker.”

Gaming revenue in the part of the business rose 7 per cent to €73.0 million, while gaming revenue for the Land and Ship operation decreased by 6 per cent to €34.6 million. The group’s total revenue during 2013 rose to €108.2 million, an increase of 3 per cent.

With a continued reduction in costs, the Paf Group, despite a lower growth rate, recorded an improved operating profit of €30.9 million for 2013. This represented an increase of 25 per cent compared to 2012. The operating margin for 2013 was 28.5 per cent.

Anders Ingves adds: “As a whole, we are satisfied with the result in 2013. We have increased profits for the third consecutive year and we go into 2014 with the objective of restoring growth in our existing markets and increasing growth overall by expanding into a new international market.”

Paf’s full financial statement and accounts for 2013 can be viewed in its entirety using the following link:

A selection of highlights from 2013:

  • Paf overtook its goal of achieving a C/I ratio of 75 (the ratio of income to expenses) during the year. Over the past three years, the cost/income ratio of the Paf Group has been reduced from 80 to 72.

  • Paf started a research project in collaboration with the Karolinska Institute in Stockholm. The project’s goal is to improve the probability of the early detection of problem gambling behaviour.

  • In January, the world's biggest online slot machine jackpot was won at on the game Mega Fortune. The world record of €17.8 million is recognised by a Guinness World Records certificate. The record still stands.

  • In April Paf launched its first site designed for mobile phones, tablets and other devices with a touchscreen.

  • In October Paf organised and hosted a gaming conference on Åland, the Paf Responsible Gaming Summit. The purpose was to share knowledge so that the gaming industry as a whole can become more responsible.

For more information contact:

Anders Ingves
Tel : +358 (0) 20 791 2300

Anders Sims
Director of Communications
Tel: +358 (0) 457 342 8228

Mattias Lindquist
Communications Manager
Tel: +46 (0) 729 75 23 26


About Us

Paf is a Nordic gaming company founded on Åland in 1966 to generate profit for the benefit of society. We were one of the very first gaming companies to go online in 1999. Many of our games are exclusive to Paf and developed by our in-house Games Studio. We are an award-winning industry leader in responsible gaming. Our physical gaming operations include over 30 cruise ships criss-crossing the Baltic and North Seas. Paf has roughly 400 employees representing over 30 nationalities. Our offices are located on Åland, in Helsinki, Stockholm, Riga, Tallinn, Oslo, Norrköping and Madrid. Paf (Ålands Penningautomatförening) is licensed and controlled by the Government of Åland. In 2018, the Paf Group had a total turnover of 111.8 million euros and a profit of 24.6 million euros. More information at


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