Paf To Pay €40m In Dividends To Reduce Effects Of COVID-19

Gaming operator from Åland Islands Paf announced that it would pay an extra €40 million in dividends to relief the adverse effects of coronavirus.’

It comes after the gaming operator saw an rise of 4 percent in income year-on-year for 2019, rising from €24.6 million in 2018 to €25.6 million. In the meantime, gross sales rose from €111.8 million to €114.2 million as well.

Paf’s CEO Christer Fahlstedt said: “We had a good year in 2019 and the decision to give an extra dividend means that Paf contributes a total of 40 million euros this year. Paf’s purpose is 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.”

The Board of Directors had previously proposed that €40 million would be given to the Åland Government for distribution for socially beneficial purposes from the current and earlier earnings from 2019.

Paf Chairman Jan-Mikael von Schantz added: “We would like to express our sincere thanks to the management and staff for their excellent work. The importance of Paf’s contribution to society appears to be extraordinarily high in situations such as these.”

Paf announced last week that substantial progress has been made on his fair play and social responsibility agenda, in which the company has reduced their reliance on VIP customers.

Paf reported that player losses were down 70 percent by €30,000. As a result, the company has reduced its ‘obligatory loss cap’ to a new threshold of 25,000 euros.