Nordic gaming operator Paf has agreed to acquire Swedish family-owned Bell Casino AB, expanding its presence on passenger ferry routes across Europe.
Founded in 1973 by Morgan Eliasson, Bell Casino AB specialises in providing onboard gaming entertainment across around 50 vessels.
‘Creates scale advantages’
These ferries operate on routes linking Sweden with Germany, Poland, the Baltic states, the United Kingdom, Ireland and the Netherlands.
Paf currently operates on 26 ships mainly in the Baltic and North Sea regions. Following the deal closure – which is planned for 1 June 2026 – the company will operate approximately 1,500 gaming machines and 450 arcade games aboard some 80 ships in total.
Paf chief executive Christer Fahlstedt described the acquisition as “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 for Paf’s Land & Ship division, added: “This takeover creates scale advantages when investing in modernisation and new technology. It provides the right foundation to continue investing and growing in the years ahead.”
Retention of Bell Casino identity
Paf has confirmed that Bell Casino will continue operating under its current brand and business model. The Swedish company’s 28 employees will be retained, with founder Morgan Eliasson remaining engaged as a senior adviser. His son, Marcus Eliasson, will continue as CEO.
Reflecting on the transition, announced on Tuesday, Morgan Eliasson said: “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’s business broadens ‘both geographically and commercially’
The acquisition extends Paf’s geographic reach beyond its existing Baltic and North Sea presence into Western Europe and the UK, complementing Bell’s network coverage. The expansion bolsters Paf’s position as a regulated operator with a strong dual presence both online and on board ships.
Danielsson emphasised the complementary nature of Bell, remarking that it broadens Paf’s business “both geographically and commercially”.
Earlier this year Paf, reduced its annual player loss limit to €15,000. This was a reduction from €16,000 last year and half the annual loss limit of €30,000 from 2018. Paf has also pledged to eliminate revenue from what it described as “high intensity” players. These are users who lose between €15,000 and €30,000 from gambling via Paf each year.
Paf framed the Bell acquisition as a long-term strategic investment focused on expanding its shipboard operations, distinct from its consumer-facing online gaming growth plans.
No financial terms of the deal have been publicly disclosed.
Kathryn Evans
Kathryn covers bitesize breaking news with a primary focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker and lifelong Wrexham FC fan – long before Hollywood came calling.
Original article: https://igamingbusiness.com/strategy/paf-expands-shipboard-gaming-acquisition-bell-casino/
