Åland-based gaming firm Paf has announced another reduction to its annual loss limit, bringing the figure down by a further €5,000 to €20,000.
Aiming to strengthen its commitment to responsible gaming further still, and gaining support from the Red Cross, the latest reduction will equate to a €2m-€3m drop in income for the group.
“It is a large sum of money for Paf, but more importantly it is good for our customers that we say no to it,” noted Christer Fahlstedt, Paf CEO.
When Paf first introduced the loss limit in 2018 it was set at 30,000 euros per year, before the group detailed its first loss limit reduction to €25,000 during 2019.
“We are proud to have been able to lower our loss limit by as much as a third in just two years,” added Fahlstedt. “We see that our maximum limit effectively stops big spending players and prevents the personal tragedies that can occur when huge amounts are lost.
“We are now lowering the loss limit further to show that it is possible to survive as a gaming company without income from the biggest big players. We are a gaming company that sells exciting entertainment for adults without trying to squeeze the last drop of money out of them.”
Two years ago Paf became the first international gaming company to introduce a maximum limit for the amount customers can lose in one year. The new lower loss limit of €20,000 comes into force on January 1, 2021 and applies to all online customers.
“We work in an industry that has enormous challenges,” continued Fahlstedt. “Paf has been a pioneer for a long time when it comes to responsible gaming and it is part of our mission to lead the way and be a positive agent of change.
“The lowering of the loss limit strengthens our leading position alongside the very small number of other gaming companies that have dared to adopt a loss limit.”
The Red Cross, which co-founded Paf in 1966, receives funding from the group annually through the province’s distribution council, and backed this latest decision.
“It is good that Paf values responsible gaming so highly and that Paf generates revenue in an increasingly responsible way. Every day in our work, I see all the good that Paf funds make possible,” said Red Cross operations manager Tomas Urvas.
