As Sweden is busy doing the finishing touches to their reformed legislation that is to liberate the nation’s iGaming market in time for January 1st, 2019, Paf - one of the oldest multi-product companies in the business, is among the latest in line to capitalize on the opportunity, enter the Scandinavian virtual doors and offer new options to locals and foreigners alike.
As reported by Lotteriinspektionen…
…57 companies have so far successfully met the requirements set by the gambling Authority, obtaining the license necessary to solicit customers and start wagering and betting operations under the watchful eye of the Swedish governing body.
Based in Åland Islands and Mariehamn, the well-known operator of casino, bingo, poker and sports-betting products, announced their decision to apply for the Swedish Gaming Authority permit (SGA) on December 20, 2018.
A brand “of many faces,” the 400-employee firm with offices across all of Europe, including onboard cruise ships traversing the Baltic Sea, this deal will be a perfect way to evolve the brand and, at the same time, adapt to upcoming industry changes.
The Next Strategic Move
Paf was presented with the operating license of Sweden, by the country’s main institution. As a part of their strategy to expand in the organized markets, this marks a step forward towards the desired direction.
Since the newly regulated gambling act calls for strong controls, a more logical and consistent regulation language, and higher power to fight illegal betting operations…
…the SGA allowed entrance to the company that has a clear goal of using the produced profit for the benefit of society, further support of responsible gaming, as well as promoting health charity.
Christer Fahlstedt, the CEO of Paf has declared his satisfaction in the following statement:
“As a Swedish CEO of a genuinely Nordic gaming company I am proud and excited. Gambling regulation will put all the operators in Sweden on equal terms.”
“This license will reward our deep commitment to customer care and our strong local knowledge. Paf excels at the sort of sustainable growth a regulated market demands,”
The Exciting Voyage of Paf
Even though the company launched their first ever internet casino back in 1999, the growing conglomerate has been around since 1966, with some very impressive feats to show and news-worthy jackpot wins.
This Finish brand has been active in the land of ABBA and Volvo for over four decades as well. In 1974, they began operating authorized gambling on cruise ferries in Swedish waters.
They have been one of the main advocated and lobbyists for the free gambling market, having offered regular support for the new Act across all public channels. The new license follows an expansive application process, and presents the Åland-based company’s 5th online permit for a locally permitted market.
As mentioned before, their aim is to generate funds for the public community on the native island. Licensed and controlled by the regional government…
…every year over €20 million in generated funds are divided by the government to a variety of projects within education, health, and culture sectors of the community.
They distribute the operator’s funds to non-profit associations, organizations, and individuals who support the well-being of the small, yet thriving region.
Last year, the board allocated a total of €15.8 million to the public good in the form of donations and loans. To name a few:
- Social activities: €3,267,000
- Environmental activities: €450,000
- Youth work: €482,000
- Sport: €1,640,000
- Arts and culture activities: €1,788,000
A leading company amid responsible gaming, Paf became the FIRST to set a loss limit for its users! The new limit created to curb problem gaming, guarantees that no customer can lose more than € 30,000 yearly. Their responsible initiatives include award-winning innovations for a regular track of user habits, and the cooperation with the Department of Psychology at Stockholm University.
Next to their social responsibility, they were chosen as one of the most inspiring working environments in Finland by Corporate Spirit Ltd.
Along with customers in Finland, Sweden, Estonia, Latvia, and Spain, another one of their present jurisdictions, they are eagerly anticipating new markets and options in the years to come.
“Paf awarded Swedish Online Gambling Licence”, news.cision.com, December 20, 2018.