Nordic gaming operator Paf posted its highest-ever revenue in 2024, driven by a strong performance in its online division. However, the company’s net profit dipped slightly due to rising tax obligations in key markets. The company operates brands such as Paf.com, Speedy Casino, SpeedyBet, Speedyspel, and more.
Good to know
- Online gaming generated over €161 million, up nearly 5%.
- Total registered customers reached 685,406, an 11% increase.
- Tax hikes across several jurisdictions cut into earnings.
In its full-year financial report, Paf confirmed group revenue climbed to €183 million ($207.4 million) for the year ending December 31, 2024—a 3.3% gain over the prior year’s €177.1 million. Most of the growth came from digital channels, particularly slots and sports betting.
Online Outpaces Land-Based Operations
Online operations made up the bulk of earnings, bringing in €161.2 million for the year. This marked a 4.8% improvement year-on-year. Paf linked the online boost to a growing customer base, up 11.4% from the previous year. The company expects further gains in 2025 through refined marketing and tech updates.
In contrast, revenue from physical locations—such as arcades and gaming aboard ferries—fell 6.4% to €21.8 million. This decline was primarily due to increased lottery taxes in Finland, where Paf’s payments rose from €1.3 million to €2.7 million. Still, the segment saw some encouraging signs, including a 2% bump in passenger volume and record satisfaction among its partners.
Higher Taxes Erode Profit
Despite record top-line performance, Paf’s net profit dropped 1.5% year-on-year to €54.3 million. The company paid €11.8 million more in taxes during 2024 compared to the previous year. Alongside the Finnish tax increase, Sweden’s gambling tax rose to 22%, while Estonia and Latvia lifted rates to 6% and 12%, respectively.
CEO Christer Fahlstedt described the earnings dip as expected and manageable. “We had a strong 2024, and we can be really pleased with the year,” he said. “The trend of increased gambling taxes is bringing down earnings, but this was something we were prepared for.” Fahlstedt also stressed that higher taxes are necessary for the gaming industry to give back to society, a principle he supports.
Stable Contributions to Society
Despite lower profits, Paf maintained its community contributions, allocating €21.5 million to initiatives in youth programs, sports, culture, social welfare, and environmental efforts. Chairman Mikael von Schantz praised the operator’s consistency, highlighting its commitment to responsible gambling and voluntary player protections.
Paf has continued refining its responsible gaming policies. In March 2025, the company introduced tighter annual loss limits. Players aged 25 and above now face a €16,000 cap (down from €17,500), while users aged 20–24 are limited to €6,000 annually, a reduction from €8,000. The limit for 18–19-year-olds remains at €1,800.
Fahlstedt emphasized the company’s focus on long-term sustainability. “Our results show that it is possible to achieve strong results without compromising on responsible gaming,” he said. He also expressed disappointment in rival Veikkaus for raising its player loss limits, contrasting that move with Paf’s more conservative approach.
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