Paf, the renowned gaming entity, has announced a significant adjustment to its loss limit policy, specifically targeting young players. This decision reflects the company’s ongoing commitment to promoting responsible gaming practices, with a particular emphasis on safeguarding the interests of its youthful clientele.
The implementation of mandatory loss limits serves as a crucial mechanism in curbing excessive gambling behaviors. In this vein, Paf has opted to reduce the loss limit for individuals aged 20 to 24 from €10,000 to €8,000 per annum. Christer Fahlstedt, CEO of Paf, underscored the significance of this move, stating: “This is an important continuation of the responsible gaming direction we are striving towards at Paf.”
An integral aspect of Paf’s commitment to transparency is the annual publication of financial data, illustrating the profits and losses across various customer segments. This practice allows for a comprehensive evaluation of the efficacy of mandatory loss limits and adjustments to maximum thresholds. The forthcoming release of Paf’s customer segments for 2023 promises valuable insights into evolving industry standards.
Tangible Results
While players retain the autonomy to set personal loss limits, Paf imposes mandatory restrictions to ensure adherence to responsible gaming principles across all registered players and gaming categories. Christer Fahlstedt emphasized the company’s accountability, stating: “As a gaming company, we have a responsibility for the product we provide.”
Paf’s dedication to responsible gaming extends beyond mere rhetoric. Since pioneering the introduction of loss limits in 2018, the company has remained at the forefront of industry standards. Fahlstedt affirmed: “We need to be able to be sustainable in the long term,” reflecting the company’s proactive stance in anticipating regulatory changes and fostering a safe gaming environment.
The decision to lower loss limits for young adults aged 20 to 24 is rooted in empirical evidence highlighting their heightened susceptibility to gambling-related problems. Daniela Johansson, Deputy CEO & Chief Responsibility Officer at Paf, underlined the importance of targeted interventions, stating: “We believe it is important to focus on young people and their gambling from a responsible gambling perspective.”
The proactive measures undertaken by Paf have already begun to yield tangible results, with the reduced loss limit for young adults aged 20 to 24 being implemented across all Paf gaming platforms and markets. This strategic initiative underscores Paf’s unwavering commitment to fostering responsible gaming practices and prioritizing the well-being of its players.
Not The First Loss Limit Modification
In April 2023, Paf announced an overhaul of its mandatory loss limit, lowering it from €20,000 to €17,500. At this time it also reduced its loss limit for players ages 18 and 19 from €10,000 to €1,800. These changes were projected to cost Paf €7.0m annually.
Moreover, in October 2019, the company lowered its maximum loss limit to €25,000 ($27,191) in October before being awarded the Corporate Responsibility Program of the Year prize at February’s Global Gaming Awards London 2020 gala. Paf is owned by the government of Finland’s autonomous Aland Islands region and it owns and operates the PAF.com online casino.
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