Åland Islands-based gaming operator Paf confirmed that it will be paying an additional €40 million in dividends to ‘alleviate the negative effects of the coronavirus’.
It comes after the gaming operator saw a 4% increase in year-on-year profits for 2019, rising from €24.6m in 2018 to €25.6m. Meanwhile total turnover also increased from €111.8 million to €114.2 million.
“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,” said Paf’s CEO Christer Fahlstedt.
The Board of Directors had previously suggested that €40 million from 2019’s profits and earlier profits should be given to the Government of Åland for distribution for socially beneficial purposes.
“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,” added Paf Chairman Jan-Mikael von Schantz.
Last week, Paf revealed that significant progress had been achieved on its fair play and social responsibility mandate, in which the operator has reduced its reliance on VIP customers.
Paf confirmed that player losses of €30,000 had fallen by 70%. As a result, the operator has lowered its ‘mandatory loss limit’ to a new €25,000 threshold.