Paf Group

History and Founding

Paf Group was founded on 31 October 1966 on the Åland Islands, Finland, by four non-profit organisations: the Finnish Red Cross, Save the Children, Folkhälsan, and a children's charity. Licensed gaming operations commenced on 1 January 1967 with 51 gaming machines and two part-time employees. In 1973, Paf secured exclusive rights for gaming aboard Åland-registered car ferries, and for decades, approximately 95% of its profit came from gaming at sea. The company made a pioneering move into digital gaming by launching one of the world's first online gaming sites on 3 December 1999. Since then, it has built its own games studio, Paf Games Studio, to produce exclusive titles.

Business Model and Revenue

Paf's unique non-profit ownership structure means all profits are directed to social, cultural, youth, sports, and environmental initiatives on the Åland Islands. Its business model spans online casino, sports betting, and gaming terminals aboard ferries, with a growing digital footprint across regulated European markets. In 2025, the group posted revenue of EUR 214.5 million, up 12% year-on-year, and net profit of EUR 57.2 million (+5%). Active customers increased by 12% during the year. A historic milestone was passed with over EUR 527.9 million in total funds distributed to society since inception.

Responsible Gaming Leadership

Paf is widely recognised for its aggressive responsible gaming measures. In 2018 it introduced a mandatory loss limit of EUR 30,000 per year, which has been progressively reduced to EUR 15,000 as of February 2026, with lower limits for customers aged 20–24. This has resulted in the complete elimination of revenue from high-loss "red segment" customers. The group publishes annual customer segment data openly. The company's CRO and Deputy CEO, Daniela Johansson, oversees these initiatives.

Products and Platforms

Paf's main online platform is Paf.com, offering casino games, sports betting, and live casino experiences. The Paf Games Studio develops proprietary slot content. Ferry gaming operations involve electronic slot machines and gaming terminals aboard Åland and Baltic car ferries, a business dating back to 1973. In June 2026, Paf announced the acquisition of Bell Casino, a gaming company operating on more than 50 vessels, expanding its ferry presence into additional European routes. The group also operates a sportsbook brand under its main domain.

Market Position and Competition

Paf competes in the Nordic and Baltic iGaming markets, as well as other regulated European jurisdictions. Its unique social-profit model differentiates it from commercial operators. Pioneering responsible gaming measures build trust with regulators and players. However, dependence on Åland maritime routes for physical gaming, regulatory fragmentation, and loss limits that cap revenue growth relative to commercial peers are challenges. The company faces competition from larger international operators.

Governance and Leadership

Paf is owned by a foundation structure, with a Board chaired by Jan-Mikael von Schantz. The operational management team includes CEO Christer Fahlstedt, CFO Per Sahlberg, and CRO & Deputy CEO Daniela Johansson. The company's headquarters in Mariehamn is a landmark sustainable building, a passive house with 742 solar panels. Paf also provides climate financing equivalent to its measured climate impact, supporting projects in carbon sequestration and renewable energy.