Paf Agrees to Buy Bell Casino AB
Nordic gaming operator Paf has agreed to acquire Swedish family-owned Bell Casino AB, extending its onboard gaming presence across passenger ferry routes in Europe.
Founded in 1973 by Morgan Eliasson, Bell Casino AB provides gaming entertainment on board roughly 50 vessels. Its ferries serve routes connecting 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 planned deal closure on 1 June 2026, the combined business is expected to run about 1,500 gaming machines and 450 arcade games across approximately 80 vessels.
What the Deal Means for Paf’s Shipboard Business
Paf chief executive Christer Fahlstedt said the acquisition is an important step for the company’s Land & Ship operations and would support longer-term development of the division.
Lasse Danielsson, chief operating officer for Paf’s Land & Ship unit, said the takeover would create greater scale for investment in modernisation and new technology, giving the business a stronger base for future growth.
The acquisition also extends Paf’s geographic reach beyond the Baltic and North Sea into Western Europe and the UK, aligning with Bell’s existing ferry network. Danielsson described the two businesses as complementary, noting that the deal broadens Paf’s operations both geographically and commercially.
Paf has framed the transaction as a long-term investment in shipboard operations, separate from its consumer-facing online gaming growth strategy. No financial terms have been disclosed.
Bell Casino Brand and Leadership to Remain in Place
Paf said Bell Casino will continue operating under its current brand and business model. All 28 employees are expected to be retained.
Founder Morgan Eliasson will remain involved as a senior adviser, while his son Marcus Eliasson will continue as CEO.
Commenting on the transition announced on Tuesday, Morgan Eliasson said there was naturally some nostalgia in handing over a company he had helped build from the beginning, but added that he felt reassured about Bell’s future as part of the Paf Group.
Responsible Gambling Measures Continue in Background
The deal comes after Paf introduced further responsible gambling measures earlier this year. The company reduced its annual player loss limit to €15,000, down from €16,000 last year and half the €30,000 limit set in 2018.
Paf has also pledged to remove revenue derived from what it classifies as “high intensity” players—those who lose between €15,000 and €30,000 annually through its gambling products.