Paf

History & Background

Paf was established in 1966 by four Åland-based non-profit organisations: Folkhälsan på Åland, Rädda Barnen (Save the Children), the Finnish Red Cross (Åland branch), and the Dagens Barn foundation. Its original purpose was to raise funds for social welfare and charitable activities through legal gambling, a model that remains unchanged. In the early 1970s, Paf expanded onto Åland-registered ferries, capitalising on the heavy maritime traffic in the Baltic Sea. The launch of online games in 1999 marked its entry into digital gambling. Over the decades, Paf has grown from a local operator into an international gaming company, while retaining its status as a government-owned agency under the control of the Åland Government.

Licensing & Regulation

Paf is licensed and regulated exclusively by the Government of Åland, which also appoints the company’s Board of Directors. This unique regulatory framework allows Paf to offer online gambling across the EU and beyond, subject to local licensing requirements in each market. The company holds licences in several European jurisdictions, including Sweden (Spelinspektionen), Spain (DGOJ), Estonia (EMTA), and Latvia (IUF). In 2021, the Supreme Court of Finland fined Paf €250,000 for negligent money-handling, a case that highlighted the importance of compliance in the group’s cross-border operations.

Products & Brands

Paf offers a full range of gambling products: slots, bingo, casino (including live dealer), poker, sports betting (pre-match and live), and lotteries. Its consumer brand portfolio varies by market. The flagship Paf.com serves international customers, while localised versions operate in Sweden, Spain, and Estonia. Other brands include SpeedyBet.com, SpeedyCasino.com, X3000.com, GoldenBull.se, GoldenBull.es, and several Swedish and Spanish casino brands. In Latvia, Paf operates under brands such as 11.lv, PafBet.lv, and X3000.lv. Through a partnership with Grand Casino Luzern, Paf provides the gaming platform for mycasino.ch in Switzerland, which became the market leader in Swiss online casino with CHF 95.4 million gross gaming revenue in 2025. In 2026, Paf acquired Bell Casino, a maritime gaming operator on more than 50 vessels, further strengthening its ferry-based operations.

Responsible Gambling & Social Impact

Paf is widely recognised for its strict responsible gambling measures. In 2018 it introduced a mandatory annual loss limit of €30,000 per customer – an industry first. The limit has been progressively lowered to €15,000 per year by 2026. The company also provides voluntary limit tools, self-exclusion options, and transparent reporting on player behaviour. Its surplus distribution mechanism has directed over €527.9 million to social, health, cultural, and educational projects since 1966. Notably, in 2024, a €3 million allocation from Paf’s surplus was given to the Olena Zelenska Foundation for restoring school shelters in Ukraine.

Recent Developments

In 2024, Paf committed to net-zero greenhouse gas emissions by 2040, a target validated by the SBTi. In 2026, the company acquired Bell Casino, a gaming operator onboard more than 50 vessels in Europe, expanding its maritime footprint. Total revenue for 2025 was €214.5 million, with a net income of €57.2 million.