paf Archives - CasinoBeats https://casinobeats.com/tag/paf/ The pulse of the global gaming industry Mon, 02 Jun 2025 13:48:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://casinobeats.com/wp-content/uploads/2025/01/cropped-favicon-32x32.png paf Archives - CasinoBeats https://casinobeats.com/tag/paf/ 32 32 Part 60 | On the spin – slot launch round-up http://casinobeats.com/2020/11/27/on-the-spin-slot-launch-round-up-60/ Fri, 27 Nov 2020 16:45:53 +0000 https://casinobeats.com/?p=40634 As a number of new igaming titles grace the CasinoBeats inbox, sit back and get to grips with a select few new slot games in one handy bite-size chunk. Rick and Morty Wubba Lubba Dub Dub – Blueprint Gaming Blueprint Gaming has unveiled the sequel to igaming title featuring the dimension hopping duo Rick and Morty, with […]

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As a number of new igaming titles grace the CasinoBeats inbox, sit back and get to grips with a select few new slot games in one handy bite-size chunk.

Rick and Morty Wubba Lubba Dub Dub – Blueprint Gaming

Blueprint Gaming has unveiled the sequel to igaming title featuring the dimension hopping duo Rick and Morty, with the latest sci-fi odyssey boasting with new bonus rounds and reel modifiers.

Partnering with Warner Bros. Consumer Products once again following Rick and Morty Megaways, the new introduction promises to be “bigger and better than its predecessor”.

During any spin, the portal gun can activate and allow Pickle Rick to award one of seven modifiers. There are six bonus rounds to enter, including a new big money feature that has been incorporated into the gameplay.

“We’re getting schwifty as we release our brand-new game featuring the sociopathic genius scientist and his inherently timid grandson!

“Rick and Morty Wubba Lubba Dub Dub promises to be even more entertaining with an abundance of new features for players to experience. The design team have done a tremendous job in bringing the animated duo’s antics to life in this new version and we’re confident the game will prove very popular with players worldwide.” – Jo Purvis, director of marketing and relationships at Blueprint Gaming.

Gold X – Tom Horn Gaming

Tom Horn Gaming has Gold X, a 5×3 reel slot title offers various features and a free spins round which is triggered by the mysterious wild X symbol.

Wild X is a symbol to watch out for as it triggers gold free spins when landing in the middle of the reels. During the feature it expands to the four corners of the screen where it remains until the end of the free spins round.

Players can ramp up the gaming experience by activating gold booster. The feature increases their chances of launching either gold free spins or gold vault bonus game where they can multiply their win x1.5.

“I believe the game will be a huge hit with our operator partners. It is a beautifully designed slot that conjures up the winning ambience. A thrilling theme coupled with impressive win potential and nice win distribution is sure to appeal to players around the globe.” – Ondrej Lapides, CEO at Tom Horn Gaming.

New Year Riches – Play’n Go

Gaming content supplier is looking to put 2020 behind then, and invited people to travel into 2021 via its 5-reel New Year Riches slot.

The game, which will be one of the firm’s final releases of the year, focuses on one of the biggest global celebrations, New Year’s Day. Transporting players to some of the biggest cities in the world, the games also features a ball drop free spins feature with a guaranteed x20 multiplier.

“It’s simple, what we set out to do, we achieve. We challenged ourselves to reach further than ever before, but not to reach so far, we would compromise our quality or integrity.

We’re only a couple of weeks away from a promise we made to all of our partners, a commitment we look forward to fulfilling before moving onto the next phase of our development. 2020 was good, but 2021 will be even better.” – Martin Zettergren, Play’n Go CPO.

Snowroller – Paf

Åland-based gaming firm Paf has unveiled a collaboration with Swedish actor Lasse Åberg to release its latest online casino title, Snowroller.

The slot game is based on the second film in the Sällskapsresan film series, with the game featuring characters, sounds, and original images from the movie.

Developed in the Paf Games Studio, part of the surplus from the new game will be donated by Lasse Åberg to the Baltic Sea Fund, which is also the recipient of donations from the first Sällskapsresan game

The Baltic Sea Fund, founded in 1989,  highlights the work that is done to help the Baltic Sea. Åberg has, thus far, donated SEK 85,463 to the fund.

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Endorphina secures global growth via ‘significant’ Paf partnership https://casinobeats.com/2024/04/05/endorphina-global-growth-paf/ Fri, 05 Apr 2024 10:00:00 +0000 https://casinobeats.com/?p=92821 Endorphina has extended the reach of its slot content across several jurisdictions after forming an alliance with online casino operator Paf.  Under the terms of the agreement, Paf will host a range of Endorphina slot titles across its several online casino platforms with the studio praising the collaboration as a “significant milestone”.   Jonathan Martini, Senior […]

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Endorphina has extended the reach of its slot content across several jurisdictions after forming an alliance with online casino operator Paf

Under the terms of the agreement, Paf will host a range of Endorphina slot titles across its several online casino platforms with the studio praising the collaboration as a “significant milestone”.  

Jonathan Martini, Senior Sales Manager at Endorphina, commented: “Combining our forces with Paf is another significant milestone for Endorphina. We could not be more excited to enter a partnership with an amazing company like Paf. My special thanks go out to the entire Paf and Endorphina team who made this possible.”

As a part of Endorphina’s content offering, Paf players will be able to spin the reels on several different slots from the developer, including Joker Ra, a slot that uses AI-generated symbols. 

Kim Johansson, Paf’s Chief Gaming Officer, added: “Endorphina games will be a great addition to all our markets. They have an impressive portfolio of slots, and we look forward to working with them. I am confident that their games will bring our customers new and exciting experiences.”

Paf recently enhanced the content offered via its Spanish platform after confirming a similar slot integration deal with Thunderkick.

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Thunderkick praises Paf amidst Spanish slot partnership https://casinobeats.com/2024/03/25/thunderkick-paf-spain-partnership/ Mon, 25 Mar 2024 11:00:00 +0000 https://casinobeats.com/?p=92545 Thunderkick’s slot content is set to reach ‘more players than ever in Spain’ after the studio reached a content agreement with Paf.  Within the deal, the operator’s Spanish player base will gain access to Thunderkick’s range of in-house developed slot titles, with the studio lauding Paf’s “continued efforts to generate funds for good causes”.  Paf’s […]

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Thunderkick’s slot content is set to reach ‘more players than ever in Spain’ after the studio reached a content agreement with Paf

Within the deal, the operator’s Spanish player base will gain access to Thunderkick’s range of in-house developed slot titles, with the studio lauding Paf’s “continued efforts to generate funds for good causes”. 

Paf’s Spanish players can now spin the reels on Thunderkick slots such as Midas Golden Touch, Esqueleto Explosivo 2 and Hot Potato, as well as recent releases like Beat the Beast: Dragon’s Wrath and Xterminate. 

Mariam Dodosh, Account Manager at Thunderkick, commented: “We’re thrilled to have partnered with Paf in Spain, giving more players in the market than ever before access to our products.

“Paf’s continued efforts to generate funds for good causes is something we’re particularly fond of, and we’re looking forward to contributing to that purpose, whilst entertaining people with our unique game experiences.”

Originating in the Nordics, Paf was founded in 1966 by the Red Cross, the Save the Children’s association and a Finnish public health organisation and continues to donate profits to charitable causes. 

Eric Castro, Head of Games at Paf, added: “Thunderkick is making significant strides worldwide with its fantastic slots. It regularly raises the bar and delivers unforgettable games to players, so we couldn’t be happier to welcome them to our platform in Spain.

“We’re going live with brilliant titles such as Pink Elephants 2 and Esqueleto Explosivo 2, which are held in high regard with players in Europe and beyond. We’re confident that this will be an extremely successful partnership.”

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Paf supplies gaming entertainment to Gotland Alandia Cruises https://casinobeats.com/2024/01/03/paf-gotland-alandia-cruises/ Wed, 03 Jan 2024 13:00:00 +0000 https://casinobeats.com/?p=90560 Paf has secured an agreement with shipping company Gotland Alandia Cruises to supply gaming entertainment aboard its M/S Birka Gotland cruise liner.  With the cruise ship setting sail in March 2024, M/S Birka Gotland is owned by Gotland Alandia Cruises – a collaboration between Viking Line and Gotlandsbolaget looking to invest in Swedish cruises between […]

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Paf has secured an agreement with shipping company Gotland Alandia Cruises to supply gaming entertainment aboard its M/S Birka Gotland cruise liner. 

With the cruise ship setting sail in March 2024, M/S Birka Gotland is owned by Gotland Alandia Cruises – a collaboration between Viking Line and Gotlandsbolaget looking to invest in Swedish cruises between Stockholm, Mariehamn (Åland Islands) and Visby. 

Under the terms of the gaming-focused agreement, Åland-based igaming provider Paf will deliver gaming machines and table games onboard the cruise liner. 

Jannik Svahnström, Head of New Sales at Paf, stated: “We are really looking forward to starting our cooperation straight away. We want to contribute with a good concept for the games onboard. 

“It will be an exciting challenge to get all the new gaming machines and table games in place in the coming months.”

In addition to offering gaming entertainment onboard the Birka Gotland ship, customers will also benefit from a variety of restaurants, shopping and spa treatments. 

While offering cruises between the aforementioned territories in Sweden and the Åland Islands, the cruise liner will also include destinations such as Härnösand and Ystad in Sweden, Bornholm in Denmark and Riga in Latvia.

“Paf is a well-established company and a natural partner for us. We are convinced that Paf can deliver a good package for the gaming experience onboard,” added Susanne Kaarnimo-Knight, CEO of Gotland Alandia Cruises.

Towards the end of last year, Paf offered its gaming entertainment products to Estonian cruise company Tallink Grupp, supplying the company’s Silja Line brand that operates between Sweden, Åland and Finland. 

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Paf enhances Tallink Grupp’s RG with boosted gaming offering https://casinobeats.com/2023/11/29/paf-tallink-grupp-rg/ Wed, 29 Nov 2023 13:00:00 +0000 https://casinobeats.com/?p=89889 Paf has extended its deal with Estonian shipping company Tallink Grupp, agreeing to supply gaming entertainment aboard the latter’s range of cruise ferries and ships.  Building on a ‘long-standing’ partnership with the shipping firm, this deal will see Åland-based operator Paf renew and modernise the gaming entertainment for ships operating under the Silja Line brand […]

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Paf has extended its deal with Estonian shipping company Tallink Grupp, agreeing to supply gaming entertainment aboard the latter’s range of cruise ferries and ships. 

Building on a ‘long-standing’ partnership with the shipping firm, this deal will see Åland-based operator Paf renew and modernise the gaming entertainment for ships operating under the Silja Line brand between Sweden, Åland and Finland.

Lasse Danielsson, Chief Operating Officer Land & Ship at Paf, stated: “We are pleased to continue our long-standing history with Tallink Grupp. This partnership is an important step towards further improving the entertainment experience for our customers.”

The upgraded gaming entertainment will feature new coinless machines integrated with screens, while the collaboration has also outlined a commitment to improve responsible gaming onboard Tallink’s vessels as it has done with Tallink’s ships operating to and from Estonia with increased identification standards through boarding cards. 

Kairi Maidla, Group Entertainment Director at Tallink Grupp, commented: “Through our cooperation with Paf, we have successfully achieved a higher standard for the gaming activities onboard. We especially value Paf’s work on responsible gaming and the improvements implemented on our Estonian-flagged ships. Our goal is to improve responsible gaming onboard all our ships together with Paf in the coming years.” 

Recently, Paf also reached an agreement with Aristocrat Gaming, allowing the slot developer to enhance the visibility of its slot portfolio in Spain via Paf’s online casino lobby in the nation.

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Apparat Gaming secures Spanish debut through Paf partnership https://casinobeats.com/2023/10/04/apparat-gaming-spain-paf/ Wed, 04 Oct 2023 10:00:00 +0000 https://casinobeats.com/?p=87817 German slot developer Apparat Gaming has broadened its European output after reaching an agreement with Paf to signal the studio’s Spanish debut.  Taking on a jurisdiction with “tremendous opportunities”, Apparat Gaming will access Spain’s online casino player base for the first time as Paf agreed to integrate seven of the supplier’s slot releases into its […]

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German slot developer Apparat Gaming has broadened its European output after reaching an agreement with Paf to signal the studio’s Spanish debut. 

Taking on a jurisdiction with “tremendous opportunities”, Apparat Gaming will access Spain’s online casino player base for the first time as Paf agreed to integrate seven of the supplier’s slot releases into its online casino lobby. 

Martin Frindt, Chief Product Officer at Apparat Gaming, stated: “We are focused on regulated markets and in Spain, we have a jurisdiction that presents tremendous opportunities.

“We could not ask for a better launch partner than Paf, and Pariplay has proven once again that it is one of the best companies in the industry when it comes to integrations for regulated markets.

“Although in the football world, the competition between Spain and Germany is clearly decided against us in both the men’s and women’s categories at the moment, but when it comes to online casinos, we believe that Apparat’s German-accented slot machines will prove popular with Spanish players.”

The Spanish move comes as Apparat’s fourth market entry, strengthening a European presence that currently spans across Germany, Switzerland, the UK and now Spain. 

Eric Castro, Head of Games Content at Paf, commented: “The studio’s titles are distinct and great fun to play, and we are thrilled to see them land in our lobby and line up alongside the other quality games we offer to players in Spain.”

With the slot rollout set to be facilitated by Pariplay’s Ignite platform, Paf players in Spain will now be able to play a selection of Apparat titles that have just been approved for the region. 

The content offering includes classic and video slots such as 40 Sevens, Total Eclipse, Fruit Storm, The Warlock’s Book, Pharaoh Princess, 7 Supernova Fruits and Jack Potter & The Book of Dynasties. 

“The partnership between Apparat Gaming and Paf underscores the powerful capabilities of our Ignite Platform,” added Ashley Bloor, Director of Partnerships at Pariplay. 

“Through this collaboration, it’s evident that our services not only provide significant added value for both operators and suppliers but also pave the way to new regulated markets and opportunities for our valued partners”.

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Videoslots, Ontario and Crown: the week in numbers https://casinobeats.com/2023/06/19/videoslots-ontario-crown-numbers/ Mon, 19 Jun 2023 08:30:00 +0000 https://casinobeats.com/?p=83460 Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. As the financial impact of Ontario’s gambling ecosystem was revealed, multi-million dollar/pound fines and regulatory settlements emerged in Australia and the UK.  1.5 Sparking interest on the opening day of the Canadian Gaming Summit, iGaming Ontario published a report into […]

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Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. As the financial impact of Ontario’s gambling ecosystem was revealed, multi-million dollar/pound fines and regulatory settlements emerged in Australia and the UK

1.5

Sparking interest on the opening day of the Canadian Gaming Summit, iGaming Ontario published a report into the gambling sector’s impressive impact on the province’s economy, to which it contributed C$1.5bn. 

Compiled by Deloitte, the report took a closer analysis of the gambling industry’s impact on the province’s local economy, revealing that the industry has created almost 12,000 jobs for Ontario residents, with around C$900m of the billion-dollar figure coming in the form of wages. 

Reacting to the figures as he opened a panel session at the Summit, Canadian Gaming Association CEO, Paul Burns, commented: “It’s having a real impact on the Canadian and Ontario economies. And we have a broad spectrum of operators but also suppliers that have joined this market.” 

Elsewhere in the report, the average wages for workers in the gaming sector came out at C$103,000. Impressively, this figure stands around C$30,000 more than the average Ontarian’s wage. 

Burns touched on this notion on the Summit panel, stating: “One of the things that the Deloitte report talked about in this building upon some of the infrastructure Ontario had. The human capital, being able to leverage partnerships with other high value-add sectors, the tech innovation that’s already going on here, and obviously, being able to create the marketplace in the first place.”

2

Videoslots was the latest online casino operator to face financial action from the UK Gambling Commission, which agreed with the firm a £2m regulatory settlement for social responsibility and anti-money laundering failures. 

The commission noted that one of the operator’s social responsibility failures included failing to identify customers displaying risk behaviours as potentially experiencing harm because responsible gambling reviews were not performed quickly enough, or as well as they should have been.

One customer deposited £112,225 and lost £58,725 between 21 November 2021 and 7 January 2022, activating several triggers during the timeframe such as gambling for long periods, gambling in the early hours and losses exceeding thresholds based on declared source of wealth.

The UKGC added: “As a result of the triggers the Licensee completed three account reviews (one being as a result of the customer being a top winner) and sent an automated email. However, for this customer, an account review was missed on 8 December 2021 and delayed on 29 December 2021.

“The operator’s approach to interactions set out in their responsible gambling policy and procedures was not implemented as it should have been. The customer not amending their behaviour demonstrates that the interactions, as a result, were not effective in minimising the risk of harm.”

4

EveryMatrix has lauded the growing success of its CasinoEngine aggregation platform, which surpassed €4bn in monthly turnover in May.

Signalling the platform’s first-ever €4bn month, May also saw the CasinoEngine platform witness over four billion game rounds and produce monthly GGR of €150m, the platform’s highest figure yet. 

While it took the company four years to go from one to two billion game rounds, between 2018 and July 2022, it has taken EveryMatrix just 11 months to double that figure of monthly activity.

Stian Enger Pettersen, Head of Casino, EveryMatrix, said: “These milestones showcase our strength and leading presence in the market, the trust our partners have in us and our products, and just how rapidly both our clients are growing, and we are growing as a result.

“A huge thank you to our valued clients who continue to put their faith in us and select EveryMatrix as their trusted provider, while our casino team’s dedication, creativity, and innovative thinking continue to play a pivotal role in shaping the iGaming solutions of tomorrow.”

135

Paf, an operator based in the Åland islands, has published the group’s yearly performance for 2022, reflecting on a “good year” as it witnessed a 23 per cent increase in turnover to €135m. 

The firm attributed this growth to the success of its Boats & Ships division, as the damages caused by the COVID-19 pandemic look to be fading away as the sector “recovered a great deal”. 

“We are pleased with last year, it is a good result and a testament to our ability to deliver. We are doing much better in Sweden, Switzerland and Spain. In addition, our ship operations have largely recovered,” said Christer Fahlstedt, Paf CEO.

The turnover figure represents a new turnover record for the operator, which also published profits of €44.4m, an increase of 29.44 per cent on 2021’s €34.3m. Temporary reductions in Finland’s lottery tax is said to have contributed around €8m of the operator’s profits. 

“Paf’s purpose is to generate funds for the benefit of society and with the strong result we can distribute €33.1m. From the Board’s point of view, we are really pleased with how the employees have managed to perform and develop the company over the past year,” explained Chair of the Board, Jan-Mikael von Schantz.

20

The Victorian Gambling and Casino Control Commission fined Crown Melbourne AUS$20m for breaching casino tax obligations, a penalty which has been accepted by the casino.

The Victorian Royal Commission discovered that Crown “improperly claimed tax deductions by including the costs of certain promotional activities as amounts paid out as winnings”. 

The commission added Crown had “deliberately concealed” the deductions from the VGCCC’s predecessor, the Victorian Commission for Gambling and Liquor Regulation. These deductions were only discovered when a “document setting out the quantum of unpaid casino tax” was found among “voluminous documents that Crown disclosed to the Royal Commission for other purposes”.

After being contacted about the conduct, Crown accepted it was in the wrong and paid approximately $61.5m to the State of Victoria – $37.4m in unpaid casino tax with a penalty interest of $24.1m.

As a result, the VGCCC has also imposed a fine of $20m on Crown to send “a clear message” to the rest of the casino industry.

5.41

The US commercial gaming industry achieved a year-over-year improvement in April revenue, according to the American Gaming Association, as the industry surpassed $5bn GGR for the eighth month in a row.

The AGA’s Commercial Gaming Revenue Tracker has reported $5.41bn in total GGR for April, a 7.8 per cent increase YoY and the 26th consecutive month of annual growth. However, April’s figures were down compared to March’s record of $5.9bn.

Year-to-date, revenue is also 13.8 per cent higher compared to the previous year, standing at $22.06bn.

Per segment, slot GGR was the biggest contributor towards total GGR with $2.99bn, up 1.5 per cent YoY, followed by sports betting with $820.4m, a 55.4 per cent increase, table games with $775m, down 1 per cent, and igaming with $504.3m, a 21.1 per cent increase.

Year-to-date, slot GGR improved by 6.2 per cent to $11.82bn, sports betting rose by 69.1 per cent to $3.67bn, table games grew by 3.8 per cent to $3.28bn, and igaming increased by 22.3 per cent to $1.99bn.

100

Entain published documents revealing a proposal to bookbuild £600m in new capital, which will primarily be used to acquire 100 per cent of Poland’s largest operator STS Group.

Shares will be offered to institutional investors through an accelerated bookbuild process, while a separate retail offer to common market investors will be hosted on the PrimaryBid platform.

Entain CEE will carry out the STS acquisition in partnership with private equity fund EMMA Capital, which will fund 25 per cent of the offer.

An offer to acquire STS in its entirety has been priced by Entain CEE at PLN 24.80 (£4.73) per share, representing a significant premium of 35 per cent to the six-month volume-weighted average price. 

The offer also includes a 28 per cent premium to the three-month volume weighted average price and a 20 per cent premium to the spot price as of 12 June 2023 – a premium that values STS Group at circa £750m. 

599

Spillemyndigheden has declared year-over-year growth in total GGR for the Danish gambling industry in both March and April.

Total GGR in March was DKK 599m (€80.38m), up 14.1 per cent YoY (March 2022: DKK 525m).

Betting GGR rose by 38 per cent to DKK 214m (2022: DKK 155m), gaming machines GGR declined by 6 per cent to DKK 103m (2022: DKK 110m), land-based casino GGR dropped by 26 per cent to DKK 25m (2022: DKK 34m) and online casino GGR rose by 14 per cent to DKK 257m (2022: DKK 226m).

In April, total GGR was DKK 639m (€85.75m), a 4.8 per cent increase compared to the same period last year (April 2022: DKK 609m).

Betting GGR rose by 11 per cent YoY DKK 247m (2022: DKK 222m), online casino GGR grew by 6.3 per cent to DKK 257m (2022: DKK 242m), land-based casino GGR dropped by 8.9 per cent to DKK 32m (2022: DKK 35m) and gaming machines GGR declined by 6.7 per cent to DKK 103m (2022: DKK 110m).

Spillemyndigheden added that the number of people registered to the authority’s self-exclusion programme ROFUS at the end of April was 42,029.

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Paf: yearly performance “testament to our ability to deliver” https://casinobeats.com/2023/06/15/paf-2022-performance-deliver/ Thu, 15 Jun 2023 12:15:00 +0000 https://casinobeats.com/?p=83409 Åland-based operator Paf has reflected on a “good year” after the group reported an increased turnover for 2022  of €135m, a 23 per cent uptick on the previous year’s €165.7m.  The firm attributed its financial success to the current state of the Land & Ships section of its business as COVID-19 fallout begins to fade […]

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Åland-based operator Paf has reflected on a “good year” after the group reported an increased turnover for 2022  of €135m, a 23 per cent uptick on the previous year’s €165.7m. 

The firm attributed its financial success to the current state of the Land & Ships section of its business as COVID-19 fallout begins to fade away, stating that the sector has “recovered a great deal after the pandemic”. 

“We are pleased with last year, it is a good result and a testament to our ability to deliver. We are doing much better in Sweden, Switzerland and Spain. In addition, our ship operations have largely recovered,” said Christer Fahlstedt, Paf CEO.

The turnover figure represents a new turnover record for the operator, which also published profits of €44.4m, an increase of 29.44 per cent on 2021’s €34.3m. Temporary reductions in Finland’s lottery tax is said to have contributed around €8m of the operator’s profits. 

“Paf’s purpose is to generate funds for the benefit of society and with the strong result we can distribute €33.1m. From the Board’s point of view, we are really pleased with how the employees have managed to perform and develop the company over the past year,” explained Chairman of the Board, Jan-Mikael von Schantz.

Paf has long-served this charitable notion since its foundation in 1966, donating over €416m to societal benefits in that time.

Prioritising responsible gaming

In regards to upholding responsible gaming values, Paf decided to lower the mandatory loss limit for players aged 18-24 in Autumn last year. The firm then built on this move by lowering the loss limit for all customers in Spring of this year, reducing it to €17,500 per year. 

Additionally, Paf introduced a specific loss limit targeted at young players between the ages of 18 and 19. This age range now has a loss limit of just €1,800 per year. 

Fahlstedt added: “We estimate that our measures cost about €7m in total. For Paf as a company, this is a significant sum, but it is the right thing to do. We should provide entertainment in a sustainable way.”

Losses and winnings transparency

Meanwhile, Paf continues to openly publish figures for customer losses and winnings, something it has heralded for more than five years, with this year’s figures reviewed and verified by an external accounting firm in connection with the annual report’s review. 

Following the group’s acquisition of Swedish gaming companies Speedy and Speedy Originals from Hero Gaming, these brands’ figures are also represented in the 2022 column for this year’s statistics on losses and winnings. 

“We have increased the more sustainable green revenues by 22% from 2021 to 2022, which is a big step in the right direction. The other segments have also increased, which can mostly be explained by our recent acquisition of the Speedy companies in the Swedish market,” Fahlstedt concluded.

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888 completes Latvian business sale to Paf https://casinobeats.com/2023/06/13/888-completes-latvian-business-sale-paf/ Tue, 13 Jun 2023 10:00:00 +0000 https://casinobeats.com/?p=83294 888 has completed the sale of its Latvian business to Paf Consulting Abp. Last month, 888 noted that the group’s Latvian businesses, which use the William Hill and Mr Green branding and their licences, would be sold to Paf for €28.25m. The transaction breaks down into an initial consideration of €24m to be paid in […]

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888 has completed the sale of its Latvian business to Paf Consulting Abp.

Last month, 888 noted that the group’s Latvian businesses, which use the William Hill and Mr Green branding and their licences, would be sold to Paf for €28.25m.

The transaction breaks down into an initial consideration of €24m to be paid in cash upon completion, and a further potential earn-out of up to €4.25m due next year upon completion of the 2023 audited financials.

The sale is expected to have zero impact on ongoing 888 operations, as the group stated the sale is consistent with the company’s strategy to focus on core and growth markets.

In 2022, 888’s Latvian business produced £9.1m in net revenue and £2.5m in EBITDA. The value of the gross assets subject to the transaction, as set out in a December 31, 2022, balance sheet, was approximately £9.3m.

Following the completion of the sale to Paf, Lord Mendelsohn, Executive Chair of 888, commented: “The sale of the Latvian business marks another positive step in the execution of our integration programme.

“This sale generates cash proceeds from a non-core market to support our deleveraging plans, as well as enabling reinvestment into our core and growth markets.”

Paf’s position in the Latvian gaming market has now grown, as the transaction makes the firm the third-largest gaming company in the country.

Christer Fahlstedt, CEO of Paf, said regarding the initial transaction announcement: “We are thrilled to get the opportunity to continue to build on a great Latvian success story. 

“With a long-term perspective, we are convinced that the Latvian market is moving in the direction of increased player protection and thereby a great strategic fit for Paf.”

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888 divests $28.25m Latvian business to Paf https://casinobeats.com/2023/05/22/888-divests-latvian-business-to-paf/ Mon, 22 May 2023 07:13:09 +0000 https://casinobeats.com/?p=82487 Paf has stressed excitement at building “on a great Latvian success story” after entering into an agreement to acquire the Latvian business of 888 for $28.25m. The transaction comprises an initial consideration of €24m (£20.9m) to be paid in cash upon completion, and a further potential earn-out of up to €4.25m (£3.7m) that is due […]

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Paf has stressed excitement at building “on a great Latvian success story” after entering into an agreement to acquire the Latvian business of 888 for $28.25m.

The transaction comprises an initial consideration of €24m (£20.9m) to be paid in cash upon completion, and a further potential earn-out of up to €4.25m (£3.7m) that is due next year upon completion of the 2023 audited financials.

Christer Fahlstedt, CEO of Paf, said: “We are thrilled to get the opportunity to continue to build on a great Latvian success story. With a long-term perspective, we are convinced that the Latvian market is moving in the direction of increased player protection and thereby a great strategic fit for Paf.”

The divestment is expected to have zero impact on ongoing operations, with the gambling group noting that the sale is consistent with the company’s strategy to focus on core and growth markets.

Completion, 888 said, is contingent on the carve out of the Latvian subsidiary from the group’s supplier contracts and incorporation of the Latvian subsidiary into Paf’s contracts, certain change of control consents and the payment of a dividend. This is expected to be finalised within the coming weeks.

“We continually review our asset base to ensure that we are only holding assets that both contribute to our long-term strategy and will maximise value for our shareholders,” stated Lord Mendelsohn, Executive Chair of 888.

“As a business, our relatively limited exposure in the Baltic region means that the region is not one of our core or growth markets where we prioritise our investments.

“The Latvian business is a high-quality, locally regulated business, with an excellent team that has built a strong market position. I would like to express my sincere thanks to the team for their dedication during their time with the group and I am highly confident that under new ownership with Paf, the business will continue to flourish.”

In 2022, the business generated net revenue of £9.1m and EBITDA of £2.5m, and the value of the gross assets subject to the transaction, as set out in a December 31, 2022, balance sheet, was approximately £9.3m.

Janis Tregers, co-founder and head of Latvia board, commented: “We launched in 2012 as 11.lv, and in 10 years, have built a market-leading position in Latvia, with over 10 per cent market share.

“In 2018, we sold 75 per cent of the business to Mr Green at an enterprise value of €3.7m, and this transaction to sell the entire business for a valuation of up to €28m reflects the hard work of our team across the business resulting in significant value creation. 

“Under the new ownership with Paf, I am confident that the business will continue to go from strength to strength, delivering great products and experiences for our customers.”

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