Finnish online gambling operator Paf is once again reducing its customers’ loss limits while the pandemic struggles of local rival Veikkaus are forcing the government to find alternative funding for social programs.
Paf, which holds a gambling monopoly in Finland’s autonomous Swedish-speaking Åland Islands, announced that it was reducing its customers’ annual loss limit by another €5k to €20k effective January 1, 2021. Paf CEO Christer Fahlstedt said his group wanted to show that “it is possible to survive as a gaming company without income from the biggest players.”
Paf originally established a €30k annual loss limit in September 2018, then cut that figure to €25k last October. The second reduction came despite the original limit reducing the company’s annual income by 16% as high-rolling gamblers cut their spending by one-third.
Fahlstedt said Wednesday that Paf’s annual income would likely decrease by an additional €2m-€3m as a result of this latest reduction, but Paf wanted to demonstrate that it was “a gaming company that sells exciting entertainment for adults without trying to squeeze the last drop of money out of them.”