Finnish gambling operator Paf managed to post a bigger profit in 2019 despite ongoing efforts to reduce its reliance on VIP gamblers.

Paf, which holds an online and ship-based gambling monopoly in Finland’s autonomous Swedish-speaking Åland Islands, recently reported that its revenue rose by €2.4m to €114.2m in 2019, while profit rose by €1m to €25.6m.

Paf CEO Christer Fahlstedt said the company “had a good year” and would therefore boost its annual dividend to the Åland government to €40m. Fahlstedt said Paf’s whole purpose was “to generate surplus for the benefit of society and this year it feels especially good that we have the opportunity to make an even greater contribution” given the impact on society of the COVID-19 pandemic.

Paf’s 2019 gains were all the more remarkable given the company’s efforts to stop making money off high-rolling gamblers. In 2018, Paf set a €30k annual loss limit for its online customers, then reduced that to €25k last year. The limits had a significant impact on Paf’s bottom line but the company maintained that VIP revenue was “unsustainable money that we no longer wish to receive.”