Paf to contribute €40m in coronavirus relief efforts

Paf will pay an extra €40m (£34.8m) in dividends to the Åland government as part of coronavirus relief efforts after reporting increased profits for 2019.

The Åland-headquartered company confirmed profits had risen 4% year-on-year from €24.6m in 2018 to €25.6m (£22.3m) in 2019. Total business turnover also increased during the year, up 2% year-on-year to €114.2m (£99.5m).

Paf has confirmed that the €40m extra dividend will be paid from its 2019 profits, as well as earlier profits made by the business, and will be used for “socially beneficial” purposes.

Paf CEO Christer Fahlstedt said the operator had enjoyed a good 2019, leading to the firm’s decision to contribute more to good causes this year.

“Paf’s purpose is to generate surplus for the benefit of society, and this year it feels especially good that we have the opportunity to make an even greater contribution,” Fahlstedt said.

In addition to confirming the extra dividend, Paf has published details of its 2019 player segmentation, revealing a 67% drop in profits generated from players depositing €30,000 or more. These customers now account for just 0.04% of Paf’s total customer base.

Paf revealed substantial decreases in so-called high-roller revenue play

Profits generated from customers depositing between €15,000 and €30,000 increased by 11%, with these customers accounting for 1% of the firm’s player base.

Company profits from players depositing up to €8,000 increased by just under 10% during 2019, accounting for the largest segment of Paf’s customer base at 67%.

“We believe in openness and that openness gives strong credibility to discussions about responsible gaming. We are proud and happy that our development is going in the right direction,” Fahlstedt added.