Not everyone has been welcoming of the porposal and the American Gaming Association, a trade group, curtly rebuked the legislation in its current form. A measure such as that would further depress the competitiveness of the regulated gambling market, and give teeth to rogue and black market operators.

Not Part of the Pack

But this prospect does not seem to worry at least one company in the industry’s corner which remains non-chalant at the prospect of losing its keen edge to the black market. For now, though, Underdog Sports is leading a lonely club of operators that are plumping for the GRIT Act as outlined earlier.

The operator echoes the sentiment expressed earlier this year by the National Council on Problem Gambling (NCPG), arguing that the measure is a cleverly designed federal law that will help fill the current funding gap in the prevention and treatment of gambling addiction and research.

Underdog spoke exclusively with Sports Handle outlining its support for the GRIT Act and why it believes it is the right thing to do moving forward. In a statement to the publication, Underdog Sports VP of responsible gambling Adam Warrington said:

“There is a need for dedicated federal resources to aid problem gambling prevention, research, and treatment. The GRIT Act would direct existing tax dollars paid by legal operators to be utilized to fill the current funding gap.”

Would this see more operators follow suit? So far the response has been tepid, with responsible gambling campaigners and organizations, such as the aforementioned NCPG, showing a degree of partialness towards the matter.

Operators have mostly mummed the word as if waiting for an official cue. One such has come from AGA, criticizing the GRIT Act and warning about the dangers of passing legislation without a broader collaboration between lawmakers and authorities.

Sorely Needed Action Now

Underdog Sports’ perspective is a refreshing take on the issue, but it’s a lone voice for the time being. For actual industry reading to be made, there will have to be more companies that speak up about where they stand on the matter.

It is not very likely to see individual operators hew too far from the position outlined by AGA, but Underdog Sports is already bucking the trend which will most likely beget a broader debate, and set a healthy precedent.

Some lawmakers have already voiced their concern about the lack of adequate measures to curb problem gambling in the United States, with Congresswoman Andreas Salinas sounding the alarm over the lack of adequate measures.

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Nordic gaming group Paf released its 2022 annual report, posting a record-high turnover and an impressive increase in net profit.

Turnover by Divisions

For the twelve months ended December 31, 2022, Paf Group registered a turnover of €165.7 million ($179 million), posting an increase of 23% from €135 million ($145.8 million) the group accounted for in 2021.

“We are pleased with last year, it is a good result and a testament to our ability to deliver,” commented Paf’s chief executive officer Christer Fahlstedt, highlighting Sweden, Switzerland and Spain as the gaming destinations which stood out, as well as the recovery of the group’s ship operations.

Paf’s internet operations in the year accounted for €142.1 million ($153.5 million), generating 17% more than in 2021 (€121.2 million ($130.9 million)), with particularly strong growth registered across the Swedish and Spanish markets.

The group attributed the turnover increase to the record number of active customers during the year, 483,595, which increased by 44% from 336,206 in 2021, and expects the number of its active customers to continue to grow in 2023.

Turnover from land and ship operations generated €23.5 million ($25.4 million), increasing by more than 70% year-over-year mainly due to a sharp increase in the number of passengers on board the vessels compared to the prior year. Paf believes there is still room for this number to increase and reach the 2019 level and expects the positive trend to continue in 2023.

Other operating income increased by 9%, from €6.8 million ($7.3 million) in 2021 to €10.1 million ($10.9 million) now, mainly due to the increased sales of gambling platforms and associated services.

Expenses, Operating Profit, Net Profit

Costs in 2022 aggregated to €128.3 million ($138.6 million), up 20% from €106.8 million ($115.3 million) in 2021. There were increases in materials and services costs, €39.5 million ($42.7 million), up 30% from €30.3 million ($32.7 million) in 2021, and other operating expenses which were up by more than 25% to €54 million ($58.3 million) from €43.1 million ($46.5 million) in 2021, and staff costs marginally increased while the cost of depreciation remained almost unchanged.

Paf explained the increased costs by an increase in marketing expenses, costs for the cloud-based technology and travel expenses.

Paf Group ended 2022 with an operating profit of €48.5 million ($52.4 million), up 36% from €35.7 million ($38.6 million) in 2021. The net result of financial income and expenses was a loss of €1.6 million ($1.73 million) while in 2021 it was €300,000 ($324,000).

“Paf’s purpose is to generate funds for the benefit of society and with the strong result we can distribute €33.1 million,” said Paf’s chairman Jan-Mikael von Schantz, thanking all employees for their performance over the past year.

Net profit in 2022 was €44.4 million ($48 million), registering an impressive increase of more than 35% from €32.8 million ($35.4 million) in 2021.

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