Another cut to its annual loss cap has been confirmed by Åland-based gaming company Paf, taking the number down by a further €5,000 to €20,000.
With the goal of further enhancing its commitment to responsible gaming and receiving support from the Red Cross, the new reduction would be equal to a decrease in revenue for the company of EUR 2m-EUR 3 m.
Christer Fahlstedt, Paf CEO said: “It is a large sum of money for Paf, but more importantly it is good for our customers that we say no to it.”
It was set at EUR 30,000 per year when Paf first implemented the loss limit in 2018, before the group outlined the first reduction in the loss limit to EUR 25,000 in 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.”
Paf became the first multinational gaming company two years ago to enforce a daily cap on the amount consumers would lose in one year. The new EUR 20,000 lower loss cap comes into effect on 1 January 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 annual support from the organisation through the distribution council of the province, and supported this latest decision.
Red Cross operations manager Tomas Urvas said: “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.”