Key points:
- Paf has reported a 3% rise in revenue to €183m for 2024
- The operator has attributed its reported profit declines to recent rises in gaming tax
- Online was the company’s primary revenue driver during the year
Operator Paf has reported its full-year financial figures for 2024, unveiling a revenue of €183m ($205.8m) for the year – up 3% from figures reported during 2023.
Indeed, this positive upswing for the company was juxtaposed by year-on-year downturns in both operating and net profits, primarily driven by increasing lottery taxes – according to the company.
Elsewhere, Paf has also highlighted that €21.5m of its overall revenue figure is set to be donated towards societal causes – and has already been set aside for social activities, culture, youth work, sports and environmental activities – amongst other things.
FY 2024 results by sector
Overall, online was the primary revenue driver for Paf during 2024, generating €161.2m of the organisation’s overall revenue figure, up 4.7% year-on-year. Elsewhere, revenue generated from retail gambling and lotteries amounted to €23.3m - up from the €21.8m recorded during the year prior.
Indeed, more specifically, Paf’s operating profit figure for the year settled at €57m – down from the €59.2m recorded during 2023 and paired with an operating profit margin of 31.2%, down 2.2% year-on-year. Net profit also dropped slightly, falling by 1.5% when compared to results from 2023 to €54.3m. Intriguingly, Paf’s average number of employees has dropped by approximately 53 since 2020, with the company’s yearly investment in both tangible and intangible resting at €2.8m, almost half the €5m invested during 2023.
FY 2024 results by region
Geographically, while the majority of Paf’s revenues came from online, €21.6m was generated by gambling abord cruise ships in international waters – up 6.7% year-on-year. Further, land-based gambling on the Åland Islands – a region of Finland – generated a revenue of €1.69m during 2024, up from the €1.63m recorded during the prior year.
Good to know: Finland has recently confirmed plans to de-monopolise its market by 2027
FY 2024 company highlights
Last year saw a number of key highlights for the company, which officially lowered its loss limit cap down to €8,000 from €10,000 for 20–24-year-olds – a development which Gambling Insider spoke exclusively to Deputy CEO & Chief Responsibility Officer, Daniela Johansson, about.
Early in 2024, Paf also announced its commitment to Net-Zero emissions by 2040, highlighting that it plans to remain aligned with the Paris Agreements objective of limiting global warming to 1.5°C. More recently, In October, the operator also officially passed the Swedish Gaming Authority’s regulatory check.
CEOs comments
Speaking on these latest results, Paf CEO Christer Fahlstedt 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's profit decreased by 1%, primarily due to increased gaming taxes. Paf paid €11.8m more in taxes in 2024 than in 2023.
“In particular, the lottery tax increased in Finland from 5% to 12%, and in Sweden from 18% to 22%. 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.”
