Paf has come together with 4 other operators to forge a new way to improve their responsible gaming activities in Latvia.
Paf, which currently runs as Pafbet in Latvia, will work with Optibet, Betsafe, Feniksscasino, and 11.lv to enhance their responsible gaming efforts beyond what is stated in the gambling law in Latvia.
Latvia’s Gambling Act contains a few responsibility measures, like the law that says players must fix a bet limit for 1 game or a maximum sum for all bets in a 24-hour period. Customers can also decide to self exclude from a gaming operator.
Nevertheless, the new measure will let Paf and the other betting operators announce their own responsible gaming measures. Together, the groups represent about 90% of the Latvian online gambling market, and they agreed to release these measures to the market on the 30th of June 2020.
Paf’s Latvia manager, Rihards Streikis, said the betting operator’s target would be to launch new facilities for deposit limits, self-tests, closing some game categories, and publishing practical info on responsible gaming.
“It will be a clear improvement on what the gambling law in Latvia requires,” as spoken by Streikis. “Paf’s licensed brand in Latvia may currently have a small part of the market, but we have the most developed responsible gaming; we are an example for the other operators.”
These actions come after Paf moved its lower maximum annual loss limit from €30,000 ($33,226/£25,854) to €25,000 for them provide better protection for their players from betting-related dangers.
Paf announced the previous loss limit way back in June 2018. At that time, it was believed that they would lose an estimated 5% of their income due to this feature. In May this year, Paf pointed out that the limits were the major reason for a reduction in their revenue in 2018.
The company’s revenue dropped from €116.5 million to €111.8 million, while online revenue reduced from €84.5 million to €80.0 million in 2018. This month, Paf estimated that lowering their loss limit should cost the company about 2% of its revenue, or within the range of €2 million.