Paf has reported a 3% year-on-year (YoY) increase in group revenue for full-year 2024, reaching a new record of €183m (£154.1m) for the Åland Islands-based business.
The operator’s gambling revenue for the 12 months rose from €153.8m to €161.2m, which bosses said was driven by a new record in active customers.
Registered customer accounts increased from 615,557 in 2023 to 685,406 last year, representing an 11% spike.
Paf added that the growth trajectory among customers is expected to continue through 2025 via “effective marketing” and “continued development of the technology platform”.
The increase in revenue also came despite tax increases in Paf’s core markets of Finland, Latvia, Estonia and Sweden.
The Finnish lottery tax leapt from 5% to 12%, while in Latvia the levy rose from 10% to 12% and there was a one percentage point increase in Estonia, up to 6%.
The much-maligned increase in Sweden, from 18% to 22%, also had an impact since being introduced in July 2024. In total, Paf paid €11.8m more in total tax revenue in 2024 than it did in 2023.
The tax hikes did result in a profit decline of 1% YoY, falling from €55.1m to €54.3m.
As in previous Paf annual reports, the company detailed its customer spend segments, with revenue generated from users’ spending between €0 and €8,000 a year, increasing 12.3% YoY.
Just €18.3m in revenue was derived from the highest spending players (€15,001 to €30,000 per year) compared to €198.1m in the most recreational cohort.
At the start of 2025, Paf once again lowered its annual loss limits for customers, with the rate now sitting at €16,000 for over 25s, €6,000 for 20 to 24-year-olds and €1,800 for 18 and 19-year-olds.
During the reporting period, Paf distributed €21.5m to good causes, with funds pledged to sports clubs, community ventures and environmental protection efforts.
Christer Fahlstedt, Paf CEO, said: “We had a strong 2024, and we can be really pleased with the year. The trend of increased gambling taxes is bringing down earnings, but this was something we were prepared for.
“Paf is well equipped to handle tax increases thanks to our customer base, which generates long-term income from a large number of players who play for smaller amounts. Taxes on gaming companies are necessary, so that other gaming companies also can contribute back to society.”
The post Paf announces record revenue of €183m for full-year 2024 first appeared on EGR Intel.
Operator states that increasing numbers of users helped support growth, although profit was hit by tax increases across the Nordics
The post Paf announces record revenue of €183m for full-year 2024 first appeared on EGR Intel.