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Paf has finalized its acquisition of Bell Casino, a Swedish maritime gambling supplier, significantly expanding its European footprint. The deal allows Paf to operate on around 50 additional vessels across routes connecting Sweden, Germany, Poland, the Baltics, the UK, Ireland, and the Netherlands, complementing its existing fleet of 26 ships in the Baltic and North Sea regions.
Christer Fahlstedt, CEO of Paf, stated: “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.”
Lasse Danielsson, COO of Paf’s Land & Ship division, added: “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 reported strong financial results for 2025, with revenue increasing by 12% year-over-year to €214.5 million, and profits rising to €57.2 million from €54.3 million in 2024. This financial momentum positions the company well for future expansion, particularly as Finland prepares to liberalize its online gambling market in 2027, ending the monopoly held by Veiukkaus Oy. This regulatory shift will benefit Paf and its newly acquired Bell Casino.
The founders of Bell Casino, Morgan Eliasson and Marcus Eliasson, will continue their roles as advisor and CEO, respectively, ensuring a smooth transition. The company’s entire team of 28 employees will remain intact under Paf’s ownership.
Morgan Eliasson reflected on the acquisition: “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 part of the Paf Group. Paf is a company in our industry with a long-term perspective and both feet firmly on the ground.”
The acquisition strengthens Paf’s position in the maritime gambling sector and opens new avenues for growth, particularly as the company prepares to capitalize on evolving market opportunities in Europe.
