Finland’s Alands Penningautomatforening (PAF) gambling monopoly has released its financial results for 2015 showing that it recorded record revenues for the twelve-month period thanks to a sharp increase in earnings from online gambling.
The Aland-based concern revealed that revenues from online gaming in 2015 grew by 17 per cent year-on-year to reach E76.4m ($86.7m) while those from its land and ship-based concerns rose by some two per cent to reach E33.6m ($38.1m). All of this saw it report twelve-month revenues of E110m ($124.8m) and an overall profit of E22.7m ($25.7m) while it is proposing to hand out E20m ($22.6m) to the local government for distribution to good causes.
“After a period of decreasing revenue, PAF returned to growth during the second half of 2015,” read a statement from Johan Rothberg, acting CEO for PAF. “Total revenues amounted to E110m, the highest in the 50-year history of PAF. The acquisition of the Italian online gaming company Winga at the end of 2014 was a strong contributing factor in the growth of revenues.”
PAF reported that its annual overall profit, which represented a twelve per cent boost year-on-year, included a one-time payment of E2.5m ($2.8m) while its operating profit increased by 19 per cent year-on-year to stand at E20m ($22.7m) off of a margin of 18.2 per cent.
“Regarding the costs, substantial investments were made during the financial year in the continued development of our own games and online operation and in the development of a new, fully responsive gaming site that was launched in December,” said Rothberg. “That is the reason behind the increased development costs during 2015.”
PAF declared that its recent financial results would also see the local Aland government benefit to the tune of E11.1m ($12.6m) in repaid gaming tax arrears from the Finnish state.