The loss limit for players in this age range had previously been lowered to €10,000. However, this applied to players aged 18 and 19. The new loss limit means that 20-24 year olds can lose a maximum of €8,000 per year.
This change applies immediately to all registered players between 20 and 24 and across all Paf games. Loss limits across other age categories remain the same.
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.
Christer Fahlstedt, CEO of Paf (pictured, left) said reducing loss limits for 20-24 year olds represents another step in Paf’s responsible gaming journey.
“This is an important continuation of the responsible gaming direction we are striving towards at Paf,” he said. “Now young customers can only play with us for amounts that are at a more sustainable level and within the framework of the customer segment that we have defined ourselves as the green segment.
“We need to be able to be sustainable in the long term. We believe that in a future highly regulated European market, you cannot lose more than €8,000 a year, which can be equivalent to an expensive leisure activity.”
Responsible gambling a PAF priority
Daniela Johansson, deputy CEO and chief responsibility officer at Paf (pictured, right), said that the new loss limit shows Paf’s dedication to responsible gambling.
“We believe it is important to focus on young people and their gambling from a responsible gambling perspective,” she explained. “Together with our other responsible gambling measures, the loss limits are a good complement for better responsible gambling.”
Paf has long advocated for responsible gambling across Scandinavia. In July 2022, it petitioned the Swedish government to ban gambling advertisements and increase gambling tax. It also called for Sweden’s self-exclusion programme Spelpaus, to centralise player’s loss limits to make them apply equally.
Paf is based in Finland and operates across Finland, Sweden and the Baltics. Finland is currently undergoing a change to its regulatory system, after its government announced that it would end Finland’s gambling monopoly system “no later than 2026”.
Norway’s monopoly system is also currently facing scrutiny, with the International Betting Integrity Association (IBIA) and Norwegian Industry Association for Online Gaming (NBO) urging Norway to abandon its monopoly. This is backed by the European Betting and Gaming Association.
In January, the IBIA and the NBO agreed a Memorandum of Understanding (MoU). This will see them collaborate on regulation and betting integrity.
Original article: https://igamingbusiness.com/legal-compliance/regulation/paf-reduces-loss-limits-to-e8k-for-20-24-year-olds/
