Paf delivers record results as Finnish market open nears

Åland-based operator Paf delivered record financial results in 2025, as revenue rose 12% year-on-year to €214.5m from €191.7m.

Profit climbed to €57.2m (2024: €54.3m) in what was the strongest financial performance in the company’s history.

The operator also crossed a major long-term milestone, announcing that total distributions for the benefit of society have now exceeded €500m since the company was founded in 1966. 

This year’s Paf funds distribution amounts to €55.5m, bringing the cumulative total to €527.9m.

“Contributing more than €500m to building a stronger society in Åland is a new milestone in Paf’s 60-year history,” said Jan-Mikael von Schantz, Chairman of the Board at Paf 

“Paf has made a remarkable journey from offering local gaming experiences in Åland in the 1960s to introducing gaming onboard ferries during the latter part of the 20th century. With the development of digital gaming since the early 2000s, Paf is today an established operator in several markets across Europe.

“It is the result of long-term and successful work carried out with great expertise by Paf’s management and employees.”

The company’s land-based and ferry gaming operations increased revenue by 3%, while active customer numbers also grew by 12% during the year.

Despite the record earnings, Paf continued to position responsible gaming as a key driver.

During 2025, the company reduced its mandatory annual loss limit for all customers from €17,500 to €16,000, while younger players aged 20-24 were limited to €6,000. 

In February 2026, the general loss cap was lowered again to €15,000, meaning the operator has now halved the original limit introduced in 2018.

A nationwide launch on the cards for Paf?

Paf said the measures are part of its long-term ambition to build a more sustainable gaming business model, even if it means implementing restrictions that competitors have not adopted, but there is also potential for the business to launch nationwide in Finland amid the market launch in July 2027.

This time last year, the firm signed a sponsorship agreement with former F1 star Kimi Räikkönen, while it more recently partnered with Swedish football programme Fotbollsmorgon through its sportsbook 1X2. 

There have been more than a few operators eyeing up Finland, with Immense Group appointing Joonas Karhu as a Managing Director for the jurisdiction and sports betting provider Hippos ATG Oy applying for a National Police Board’s Lottery Administration.

More positives for Paf came from its internal customer segment data showing that its highest-risk “red” customer segment has now been eliminated entirely due to the mandatory loss limits. 

Meanwhile, revenue from lower-spending customers, defined as those losing less than €8,000 annually, increased by 17.5% during the year.

Whether or not an expansion is in the works, 2025 provided signs of clear growth – something which has been desired but not always achieved in the European gambling industry over the last couple of years.