One of the most prominent Finland-based c, the Alands Penningautomatforening or PAF has detailed a significant comparable drop in its gaming revenues which the company has made in 2019 from punters who had lost here at least $32,630 or €30,000. At the same time, the Finland-based company has highlighted its new responsible gaming policies and credentials, especially its significantly lowered maximum loss limits.

According to one report released by GamblingInsider.com, this Mariehamn-headquartered company revealed that last year it had seen its gaming revenues chalk up a massive decline of around 67% on a yearly basis to hit around €3.2 million or $3.4 million. This is the amount of cash that the company had gained from high-rollers as the company’s share of its player base had decreased by around 0.09% to just 0.04%.

Details About Alands Penningautomatforening

Alands Penningautomatforening or simply PAF is a real-money gambling and betting operator that operates form its Alana Islands, Finland-based office. The company is owned and managed by the region’s government. The company was founded in 1966 and since its inception, it remained focused on delivering all sorts of gambling and casinos-related products and services including online gambling services, poker games, physical slots across the Baltic region, lotteries, bingo games, and live betting.

Today, the company offers casino games online as well as across board cruise ships that travel the North and Baltic Sea. When it comes to the company’s physical or land-based gaming activities, they are offered to residents of the Aland Islands mainly. Since Alands Penningautomatforening is managed by the regional government, around €20 million of its funds are distributed to a range of different projects by the Aland regional government every year. Some of these projects relate to sustainability, education, culture, and health.

The company has its loyal customers in Latvia, Estonia, Spain, Sweden, and Finland while it is fully controlled and licensed by the Aland government. What makes this online gambling operator special is its commitment to responsible gaming policies. In fact, Alands Penningautomatforening is doubtlessly a global leader when it comes to responsible gaming policies. Back in 2018, the firm became the very first company of this kind across international markets to set a maximum loss limit for its punters.

PAF’s Maximum Loss Limits

The company’s new maximum loss limits set back in 2018 were crafted to combat problem gambling. According to these limitations, the company’s customers cannot lose more than €30,000 yearly. Besides, PAF employs a variety of other responsible gambling policies such as its prize-winning innovations crafted alongside the Department of Psychology at Stockholm University. It is also worth mentioning that PAF regularly arranges a Responsible Gaming Summit whose main job is to raise awareness concerning responsible gaming.

As of October 2019, the company lowered its gambling maximum loss limit from €30,000 to €25,000. According to GamblingInsider.com, PAF had experienced a significant rise of around 10% on a yearly basis last year from punters who had lost money while gaming here. Despite lowered maximum loss limitations, the company had also experienced increases of 4% in both its profit and gross gaming revenues which reached €25 million and €102 million respectively. Commenting on the amazing success of the company’s responsible gaming policies, its CEO said that the company’s casino at PAF.com will handle around €40 million to help the local government with battling the ongoing coronavirus crisis.

One of the most prominent industry’s governing bodies, the Swedish Gambling Authority Spelinspektionen recently has imposed fines on several betting operators for reportedly bonus terms’ violations. The regulator has fined two big brands including the Mandalorian Technologies Limited company and Betway over several infractions.

One infraction involves violations of bonus terms or more specifically offering unauthorized bonuses for players residing in Sweden. Naturally, every fully licensed and regulated online gaming operator operating in any area has to adhere to regulations and rules which are bullet-proof set by online gambling jurisdictions including Sweden’s Spelinspektionen regulatory which is in charge of all online gambling activities happening within the country.

Violations of Bonus Terms and Conditions

As of recently, both Mandalorian Technologies and Betway have been handled fines over their bonus offers which were unauthorized. When it comes to the online gambling activities in Sweden, regulated operators can offer a welcome or a sign-up bonus to newcomers only once after they have registered. However, in the case of Mandalorian Technologies and Betway, both companies have offered bonuses of this kind several times after punters had registered already.

Both companies involved were fined. Mandalorian Technologies was fined around $933,359 while Betway was fined around $521,224 for violating bonus terms and conditions and for not following Spelinspektionen-imposed regulations imposed on bonuses. Both Mandalorian Technologies and Betway were warned prior to being fined for their actions.

Following this incident, the Sweden Gambling Authority officials have stated that the sole purpose of the country’s new regulations regarding the industry is to protect players’ and reduce any negative effects of gaming online.

This new gambling regulation came into force at the beginning of 2019. This specific limitation placed over bonuses is regulated by the law in order to reduce any economic and social damages. For this reason, the Sweden Gambling Authority continues to monitor bonuses and promotions’ area in specific.

PAF and Genesis Global Limited Also in Trouble

It should be noted that Spelinspektionen has been busy as of 2019 especially regarding regulation problems. Prior to handing down fines to Mandalorian Technologies and Betway, the regulatory has also dropped fines to Alands Penningautomatforening or PAF and Genesis Global Limited for similar self-exclusion problems back in March, which this gaming regulator takes very seriously.

In the case of PAF and Genesis Global Limited, both online gambling operators allowed punters to access their gaming platforms after being self-excluded. For their actions, Genesis Global Limited was fined around $433,658 while PAF has to pay a smaller fine of $10,837. Apart from fining PAF and Genesis Global Limited, the Sweden Gambling Authority has also levied a fine against AG Communications Limited over breaking its reoccurring bonuses-related rules.

According to official reports regarding this issue, AG Communication Limited that is the subsidiary of Aspire Global has to pay around $52,794. It should be noted that this is not the first time that AG Communications and Genesis Global Limited have violated the Swedish Gambling Authority’s rules as both operators were hit with massive penalties of $422,488 and $316,866 over their repeated failures to follow the authority’s self-exclusion-related service.