{"id":249,"date":"2024-06-25T22:57:26","date_gmt":"2024-06-25T19:57:26","guid":{"rendered":"https:\/\/tashirodc.com\/2024\/06\/25\/paf-issues-tax-warning-despite-record-highs-in-2023\/"},"modified":"2024-06-25T22:57:26","modified_gmt":"2024-06-25T19:57:26","slug":"paf-issues-tax-warning-despite-record-highs-in-2023","status":"publish","type":"post","link":"https:\/\/tashirodc.com\/2024\/06\/25\/paf-issues-tax-warning-despite-record-highs-in-2023\/","title":{"rendered":"Paf Issues Tax Warning Despite Record Highs in 2023"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/RxPcvYjfvTo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The gambling firm, Paf, has announced a tax warning, even though they achieved record highs in 2023. Despite this success, their earnings are still in jeopardy.<\/p>\n<p>Paf achieved a new revenue record of \u20ac177.1 million (\u00a3150.8 million\/$191.4 million) in the 2023 fiscal year. However, the Nordic operator also cautioned that higher gambling taxes could negatively affect their future profits.<\/p>\n<p>Paf issued a tax warning, despite record highs in 2023, profitability is still at risk. This was another financially successful year for Paf, with revenue increasing by 6.9% year-on-year. The operator&#8217;s net profit also increased by 23.0% to \u20ac55.1 million, another new yearly record.<\/p>\n<p>However, while CEO Christian Fahlstedt welcomed the news and commended Paf&#8217;s performance, he also expressed concern about future profitability. Fahlstedt specifically mentioned that increasing gambling taxes in various markets could impact net profit levels in the coming years.<\/p>\n<p>In Finland, a temporary reduction in lottery tax has ended, with the rate now increasing from 5% to 12%. Meanwhile, gambling tax in Sweden has increased from 18% to 22%, in Estonia from 5% to 6%, and in Latvia from 10% to 12%.<\/p>\n<p>\u201cWe are pleased and proud of the past year,\u201d said Fahlstedt. \u201cWe have gained a larger customer base, with a 27% increase in active customers, which explains part of it.<\/p>\n<p>\u201cHowever, we are also aware that the temporary lower gambling tax in Finland contributed to this outcome. The trend of rising gambling taxes will continue.\u201d <\/p>\n<p>Fahlstedt also highlighted the influence of the demand for enhanced responsible gaming measures, which he characterized as a &#8220;critical need.&#8221;  Interestingly, Paf decided this month to further reduce the loss limit for players aged 20 to 24 to \u20ac8,000.  Previously, Paf had implemented a comprehensive overhaul of its mandatory online loss limit in April 2023, decreasing it from \u20ac20,000 to \u20ac17,500.<\/p>\n<p>&#8220;These modifications will result in a decline in profitability, and many operators will face greater challenges,&#8221; stated Fahlstedt. &#8220;However, Paf is prepared for the future.&#8221;<\/p>\n<p>Paf&#8217;s revenue growth is primarily driven by the expansion of its online operations.<br \/>\nExamining the revenue performance in 2023, it is evident where Paf&#8217;s growth originates. Its online business revenue increased by 8.2% to \u20ac153.8 million, with Paf emphasizing strong growth in Sweden, Spain, and Latvia.<\/p>\n<p>The latter benefited from the acquisition of Latvia-focused William Hill Latvia SIA and SIA Mr Green in June 2023. Paf stated that these agreements generated an additional \u20ac5.1 million in online revenue.<\/p>\n<p>Paf also reported a 27.3% increase in the number of registered online clients, reaching a record 615,557. The operator anticipates that this total will continue to rise in 2024, supported by ongoing marketing initiatives.<\/p>\n<p>Regarding Paf&#8217;s other operations, revenue from the land and ship sectors decreased by 0.9% to \u20ac23.3 million.  Despite a 4.0% increase in the total number of ship passengers in 2023.<\/p>\n<p>Here, Paf has established new agreements with Tallink Group and Ecker\u00f6 Linjen, and welcomed Finnline&#8217;s new vessel M\/S Finnsirius. <\/p>\n<p>Paf and Pikseli have joined forces to establish the inaugural land-based gaming space in Helsinki. The gaming room concept blends entertainment games with recreational activities.<\/p>\n<p>Paf has also recognized the escalating trend of contactless payments, and all entertainment games and nearly half of the coin-operated machines now provide cashless payment options. Paf asserts that this move is intended to satisfy customer demand for more convenient payment methods.<\/p>\n<p>&#8220;Through these initiatives and innovations, we anticipate continued growth and ongoing enhancements to our services and offerings,&#8221; stated Paf.<\/p>\n<p>Net earnings expanded driven by revenue growth.<br \/>\nOn the cost side, material and service expenditures increased marginally by 7.9% to \u20ac42.6 million. Personnel costs remained at \u20ac24.2 million, while depreciation and impairments only rose slightly to \u20ac10.6 million.<\/p>\n<p>Other operating expenses declined by 2.0% to \u20ac52.9 million, while Paf&#8217;s net financial income rose modestly by \u20ac723,605.<\/p>\n<p>Consequently, its pre-tax profit reached \u20ac60 million, representing a 27.9% year-over-year increase. After paying \u20ac5.2 million in taxes and considering the \u20ac305,468 deferred tax impact, net profit for 2023 climbed by 23.0% to \u20ac55.1 million.<\/p>\n<p>Paf also observed that higher revenues and profits enabled it to allocate \u20ac31.4 million in 2023. These funds are utilized for social welfare, including supporting third-sector organizations committed to promoting social activities, culture, youth work, sports, environmental activities, and more.<\/p>\n<p>&#8220;It&#8217;s commendable that Paf has achieved such outstanding results, enabling us to allocate a total of \u20ac31 million.&#8221; <\/p>\n<p>Four meters,&#8221; proclaimed Chairman Jan-Mikael von Schantz. &#8220;Our workforce has accomplished an exceptional feat this past year, and the board wishes to express its gratitude to every single Paf employee for contributing to this achievement.&#8221;<\/p>\n<p>Subscribe to the iGaming news bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gambling firm, Paf, has announced a tax warning, even though they achieved record highs in 2023. Despite this success, their earnings are still in jeopardy. Paf achieved a new revenue record of \u20ac177.1 million (\u00a3150.8 million\/$191.4 million) in the 2023 fiscal year. However, the Nordic operator also cautioned that higher gambling taxes could negatively [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paf Hits Record Revenue, But Taxes Threaten Profits<\/title>\n<meta name=\"description\" content=\"Paf celebrates record-breaking revenue in 2023, but warns that rising gambling taxes could impact future profitability.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tashirodc.com\/2024\/06\/25\/paf-issues-tax-warning-despite-record-highs-in-2023\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Paf Issues Tax Warning Despite Record Highs in 2023\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Paf celebrates record-breaking revenue in 2023, but warns that rising gambling taxes could impact future profitability.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tashirodc.com\/2024\/06\/25\/paf-issues-tax-warning-despite-record-highs-in-2023\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Best of Online Casino Gaming | Licensed &amp; 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