Finnish gaming operator Paf has acquired Swedish competitor Mandalorian Technologies to improve their fortunes in the limited online gambling sector in the latter country.
Paf announced on Friday that it has purchased the operations of Mandalorian Technologies Ltd, based in Malta, which include the No Account Casino, No Account Bet, Prank Casino and Prank Bet dot-com pages.
Mandalorian sites have licences provided by the Malta Gaming Authority, as well as licences issued by the Swedish gaming regulatory agency Spelinspektionen. Paf, who maintains a gambling monopoly on the autonomous Swedish-speaking Åland Islands in Finland, says that the purchase would make it “one of the ten largest gaming companies in Sweden” and signals the company’s “long-term ambition to be a leader” in the regulated market in Sweden.
Paf CEO Christer Fahlstedt said his organisation tracked Mandalorian’s development “closely for almost a year,” adding that the company “didn’t exist two years ago and their journey has been fantastic.”
Companies aren’t exactly outsiders, as Mandalorian has introduced Paf’s anti-money laundering and responsible gaming policies since September 2019. Fahlstedt said this partnership was “a crucial test for us, to see if they can successfully compete in a tightly regulated market and at the same time stay at the forefront when it comes to responsibility.”
The companies also share a presence in the bad books of Spelinspektionen, each of which has been taken to Sweden’s regulatory woodshed for compliance deficiencies. Paf had been fined SEK100k a year earlier for allowing self-excluded gamblers to access his Swedish-licensed online gambling site.
Mandalorian was penalised much more harshly last May, dinginging SEK9 m (US$ 960k) to atone for what Spelinspektionen called “serious” and “repeated” breaches of its bonus offer rules which can only be given to first-time customers in Sweden.
Since the controlled online market opened on January 1, 2019, Spelinspektionen has received multiple fines for various regulatory violations, but last December, the regulator announced that Paf was the only company to date that had actually paid its fine.