Paf raises €21 million for the public good in 2014

Åland-based gaming company Paf made a profit of €17.2 million in the 2014 financial year, with revenue amounting to €98.1 million. As in the previous year, it is proposed that €21 million of the profit for the year is allocated to Paf’s owner, the Åland provincial government, for distribution to good causes.

“Compared with the previous two financial years, 2014 was a weaker year. Profits were negatively affected by targeted major investments in areas such as marketing and by external factors such as ships changing flag, decisions by authorities, the general economic situation and stiffening international competition,” says Anders Ingves, Paf’s CEO.  

Broken down into business areas, revenue from gaming on amounted to €65.3 million – a decrease of 11% compared with the previous year – while revenue from land- and ship-based gaming amounted to €32.8 million, a decrease of 5%.

The Group’s total revenue during the financial year decreased by 9% compared with the previous year and amounted to €98.1 million. Total profit decreased from €31.4 million to €17.2 million, a decrease of 45%. The Group’s operating profit decreased from €30.9 million to €16.8 million. The operating margin was 17.1%.

“In the short term, investments in responsible gaming have had and are continuing to have a negative impact on revenue and profit, but in the slightly longer term safer gaming is expected to result in customers wanting to play with us, leading to improved profits,” says Anders Ingves.

As last year, a dividend of €21 million is proposed. In addition to the profits that Paf allocates as a dividend, the Åland provincial government will receive €10 million in repaid gaming tax arrears from the Finnish state.

“We are not satisfied with this performance in terms of either revenue or profit, and we are going into 2015 with the aim of finding and implementing measures to restore growth to Paf,” says Anders Ingves.

Paf’s annual report and financial statements for 2014 are available in full via the following link:

Selected highlights of 2014:

  • At the end of the year Paf acquired the Italian online operator Winga, which operates in the regulated Italian gaming market using local gaming licences. Following the acquisition, with effect from 2015 the Paf Group will operate in Italy under the Winga and brands.
  • In November Paf was named most Socially Responsible Operator in the online gaming sector by the international trade journal eGaming Review.

  • The Spanish licence was expanded during the year and now also includes online bingo.

  • During the year Paf and Finnish hotel company Sunborn began work on opening an international casino aboard the Sunborn Hotel, a five-star yacht hotel in Gibraltar. Casino Sunborn opened in April 2015, with an official opening in May.

  • Paf's management team was expanded during the year by four internally recruited members with expertise in technology, law and responsible gaming. The management team now has ten members in total.

For more information, please 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 2019, the Paf Group had a total turnover of 114.2 million euros and a profit of 25.6 million euros. More information at


Documents & Links