Paf, a Nordic gaming operator, has announced its acquisition of the Swedish family-owned Bell Casino AB, thereby enhancing its presence on passenger ferry routes throughout Europe. Founded in 1973 by Morgan Eliasson, Bell Casino AB specializes in onboard gaming entertainment across approximately 50 vessels operating on routes that connect Sweden with Germany, Poland, the Baltic states, the UK, Ireland, and the Netherlands.
Currently, Paf manages gaming operations on 26 ships primarily in the Baltic and North Sea regions. Once the deal is finalized on June 1, 2026, Paf will expand its operations to around 80 total ships, which will feature approximately 1,500 gaming machines and 450 arcade games.
Chief Executive Christer Fahlstedt emphasized the strategic importance of this acquisition for Paf's Land & Ship division, stating it offers the necessary conditions to develop operations in the long run. Lasse Danielsson, the Chief Operating Officer for Paf’s Land & Ship division, noted that the acquisition allows for scale advantages, which will aid in investments in modernization and technology.
Paf confirmed that Bell Casino will maintain its brand identity and business model after the acquisition. The existing 28 employees will remain with the company, with Morgan Eliasson continuing as a senior adviser and his son Marcus Eliasson staying on as CEO.
On the transition, Morgan Eliasson expressed a mix of nostalgia and reassurance, saying, “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.”
This acquisition enables Paf to broaden its geographic reach beyond the Baltic and North Sea into Western Europe and the UK, complementing Bell’s existing network. This move enhances Paf's standing as a regulated operator with a strong online and shipboard presence.
Danielsson highlighted the complementary nature of Bell Casino, stating that the acquisition expands Paf’s business both geographically and commercially. Earlier this year, Paf also reduced its annual player loss limit to €15,000, down from €16,000 the previous year and significantly lower than the €30,000 limit set in 2018. Furthermore, Paf has committed to eliminating revenue from high-intensity players—those losing between €15,000 and €30,000 annually.
Paf is positioning the Bell Casino acquisition as a long-term strategic investment to enhance its shipboard operations, distinct from its growth initiatives in the consumer-facing online gaming sector. The financial details of the deal have not been publicly disclosed.
