Nordic gambling operator Paf has acquired Swedish maritime games supplier Bell Casino.
The acquisition will see Paf set sail on around 50 new vessels operating routes between Sweden, Germany, Poland, the Baltics, the UK, Ireland and the Netherlands – in addition to its existing 26 ships along the Baltic Sea and North Sea regions.
Christer Fahlstedt, Chief Executive Officer of Paf, commented: “We are very pleased to bring this deal to a successful conclusion. The acquisition is strategically important for our Land & Ship business, as it gives us the right conditions to continue developing our operations over the long term.”
Paf’s Land & Ship division Chief Operating Officer, Lasse Danielsson, joined Fahlstedt in emphasising the importance of the combined capabilities for Paf’s future endeavours.
He said: “Our combined business gives us scale advantages when investing in modernisation and new technology. Together with Bell’s business, we will have the right foundation to continue investing and growing in the years ahead.
“Bell complements Paf’s existing business both geographically and commercially. I look forward to the positive opportunities and synergies that our combined operations can create.”
Paf ended 2025 on a strong financial footing, registering a 12% YoY increase in revenue from €191.7m to €214.5m, while profits came in at €57.2m (2024: €54.3m) – rounding up the strongest year in the Åland-based operator’s history.
Such a performance would play well into a potential expansion into Finland on Paf’s side. While part of Finland, the Åland Islands is an autonomous region with its own gambling regulations.
With Finland moving to liberalise its online gambling market in 2027, essentially ending the monopoly of the domestic Veiukkaus Oy, Paf is looking to capitalise on the opportunities for expansion this will bring.
This would automatically apply to Bell Casino as well since the company is now officially part of Paf Group.
Father and son duo Morgan Eliasson and Marcus Eliasson will continue to lead Bell as an advisor and CEO respectively, with the company fully retaining its full staff structure of 28 employees.
Founder Morgan Eliasson added: “Naturally, there is a sense of nostalgia in handing over a company that I have helped build since the very beginning.
“At the same time, I feel both reassured and confident about the future when Bell is a part of the Paf Group. Paf is a company in our industry with a long-term perspective and both feet firmly on the ground.”
