Paf Expands European Maritime Gambling Empire with Bell Casino Acquisition

Paf, the Nordic gambling operator, has completed its acquisition of Swedish maritime games supplier Bell Casino, marking a significant expansion across Europe. The deal enables Paf to extend its operations to approximately 50 new vessels, serving routes between Sweden, Germany, Poland, the Baltics, the UK, Ireland, and the Netherlands, in addition to its existing fleet of 26 ships in the Baltic and North Sea regions.

Christer Fahlstedt, Chief Executive Officer of Paf, expressed enthusiasm about the acquisition: “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, Chief Operating Officer of Paf’s Land & Ship division, highlighted the combined strengths of the two companies: “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 concluded 2025 on a high note, reporting a 12% year-over-year revenue increase, rising from €191.7 million to €214.5 million, with profits reaching €57.2 million, up from €54.3 million in 2024. This financial performance positions Paf strongly as it eyes further expansion, particularly into Finland. Although the Åland Islands, where Paf is based, operate under autonomous gambling regulations, Finland’s planned liberalization of its online gambling market in 2027—ending the monopoly of Veiukkaus Oy—presents a significant opportunity for the group.

The acquisition also ensures continuity for Bell Casino, with founders Morgan Eliasson and Marcus Eliasson remaining involved as advisor and CEO, respectively. The company’s full staff of 28 employees will also continue under Paf’s ownership.

Morgan Eliasson shared his thoughts on the transition: “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.”

This strategic move not only bolsters Paf’s maritime gambling presence but also sets the stage for future growth in both existing and emerging markets, leveraging the combined strengths of two well-established operators.