Paf has reported revenue of €34.3m ($36.2m) for 2021, up from €16.7m in 2020.
Sales (total gaming profits) increased from €113m in 2020 to €135m in 2021. Such increases come despite a “strange year” for the group, which was impacted by the constant presence of Covid-19.
The company stated: “Paf reports a strong result for 2021 despite the ongoing pandemic negatively affecting Land & Ship operations.
“The trend is driven by Paf’s international success, where among other things the continued strong growth in Switzerland proved to be a successful export of Paf’s know-how within gaming.”
The company also noted that it managed to adapt well during the second year of the pandemic, with Land & Ship operations showing signs of improvement with a 13% revenue increase. Paf stated that the result is very low compared to previous years, but took some confidence from the consistent improvement in its online gaming segment.
Paf CEO Christer Fahlstedt commented: “We can see a stable increase in revenue in the international markets that we are actively investing in. It is gratifying when persistence and hard work now delivers results. Another important reason for the increase is that sports and betting did not experience the same disruptions we saw in 2020.”
Paf highlighted its success in the Swiss gaming market, where the company acts as a supplier to the Grand Casino Luzern’s gaming site. The site strengthened its position as a market leader, with a market share reaching as high as 33%.
Fahlstedt commented on the success, saying: “We have succeeded in delivering a good overall solution to our Swiss partner, with a product that performs well in a market that is beginning to become increasingly mature and competitive. We have proven that we have the capacity and know-how needed to export our product internationally.”