Paf to expand European ferry gaming footprint with Bell Casino acquisition

Paf will acquire Swedish family-owned Bell Casino AB in a deal that will expand its onboard gaming operations across European ferry routes, with Bell becoming part of the Paf Group on June 1, 2026.

The acquisition will increase Paf’s shipboard footprint from 26 vessels to approximately 80 vessels. The combined business will operate around 1,500 gaming machines and 450 arcade games across routes connecting Sweden, Germany, Poland, the Baltic countries, the United Kingdom, Ireland and the Netherlands.

Bell Casino, founded in 1973 by Morgan Eliasson, currently provides gaming entertainment onboard about 50 vessels. Paf’s existing operations are mainly concentrated on 26 vessels in the Baltic Sea and North Sea regions.

No financial terms of the transaction have been publicly disclosed.

Paf CEO Christer Fahlstedt said the transaction was important for the company’s Land & Ship business and would support the long-term development of its operations.

"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," said Christer Fahlstedt, CEO of Paf.

Bell will continue to operate under its existing brand, business model and customer arrangements. Its 28 employees will be retained, while Morgan Eliasson will remain with the company as Senior Adviser and his son Marcus Eliasson will continue as CEO of Bell Casino AB.

The acquisition expands Paf’s presence into additional routes, markets and destinations across Europe, extending the company beyond its current Baltic and North Sea base. Paf has presented the deal as a long-term investment in its Land & Ship operations, separate from its online gaming growth plans.

Lasse Danielsson, Chief Operating Officer, Land & Ship, said the combined business would give Paf greater scale when investing in modernization and new technology. He also noted that Bell complements Paf’s existing business geographically and commercially, creating room for operational synergies.

Eliasson said the handover carried personal significance, given his role in building the business from its early years.

"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 is a company in our industry with a long-term perspective and both feet firmly on the ground," said Morgan Eliasson, founder of Bell Casino AB.

Earlier this year, Paf reduced its annual player loss limit to €15,000 ($17,467), down from €16,000 ($18,632) last year and half of the €30,000 ($34,935) limit set in 2018. The company has also pledged to eliminate revenue from players it describes as “high intensity,” referring to users who lose between €15,000 and €30,000 annually through Paf.