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Finland's Paf intros fixed annual online gambling loss limits -

paf-online-gambling-annual-loss-limit Finland’s Paf is claiming to be the first online gambling operator to introduce a fixed annual loss-limit as part of its responsible gambling protocols. Paf, which operates in Finland’s autonomous Swedish-speaking Åland islands region, says it is prepping a program that will impose a hard cap on customer losses at €30k per year. The program will take effect on September 1 and will apply to all customers on all markets. Paf CEO Christer Fahlstedt said the new program will likely trim the company’s annual income by around 5%, but claimed the good sides of the loss-limits “simply outweigh the bad.” Fahlstedt added that the new restrictions would force the company to “recruit customers who play at a sustainable level.” Paf reported turnover of €116.5m in 2017, €3m higher than 2016’s total, while profit hit €27.6m, in part due to the sale of its Italian-based Winga operation to LeoVegas. Most of this profit (€18m) will be redirected to Åland’s regional government to fund social programs. Fahlstedt noted that the gaming industry’s reputation has taken a beating in recent years and “concrete measures need to be taken in order to regain the trust of the public.” Paf recommended that Sweden incorporate a fixed loss-limit in its new online gambling legislation , and while the government opted against its inclusion, Paf hopes its example will encourage Sweden to rethink its position. Paf has been increasing its responsible gambling measures in a bid to make its Swedish online gambling licensing application stand out from the crowd. Last year, Paf initiated roughly 9,400 contacts with customers suspected of problem gambling behavior, a nearly fivefold increase from the number of interventions in 2016. Finland routinely ranks in the global top-five in per capita gambling spending, and leads all other European markets in this metric. A 2015 study by the National Institute for Health and Welfare found that 80% of Finland’s population engaged in at least one form of gambling every year.

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