Nordic gaming operator Paf is acquiring Swedish ferry gaming specialist Bell Casino AB. It’s a move that will nearly triple its onboard machine fleet and push its reach into Western European waters. The deal closes on 1 June 2026, transforming Paf’s maritime gaming portfolio from 26 vessels to approximately 80 ships operating across expanded European routes.

Doubling down on shipboard gaming

Bell Casino AB, founded in 1973 by Morgan Eliasson, currently operates gaming terminals across roughly 50 passenger ferries. These serve routes between Sweden and destinations including Germany, Poland, the Baltic states, the UK, Ireland and the Netherlands. Once the deal completes, the combined operation will manage around 1,500 gaming machines and 450 arcade games. That’s a significant scale increase for Paf’s Land and Ship division.

Geographically speaking, the acquisition fills a real gap in Western Europe whilst complementing Paf’s existing Baltic and North Sea operations. Paf chief executive Christer Fahlstedt framed the deal as essential for long-term growth. Lasse Danielsson, COO of Land and Ship, highlighted something more concrete: the operational efficiencies that come with scale. Modernisation investments and technology upgrades become genuinely viable when you’re spreading costs across a larger asset base.

Continuity with growth potential

Here’s what’s worth noting. Paf has committed to preserving Bell Casino’s identity and leadership structure. The Swedish operator will continue under its own brand and business model. Its 28-strong team remains intact. Founder Morgan Eliasson moves into a senior advisory role whilst his son Marcus stays on as CEO. It’s a move that suggests Paf values Bell’s established market relationships and operational expertise rather than pursuing aggressive consolidation.

Morgan Eliasson’s own words reflect a founder’s careful handover. He expressed both nostalgia and confidence in joining the Paf Group, a sentiment that underscores the deal’s collaborative framing rather than anything adversarial.

Strategic context

The acquisition arrives as Paf strengthens its responsible gaming credentials. Earlier in 2025, the operator reduced its annual player loss limit to €15,000, down from €30,000 in 2018, and committed to eliminating revenue derived from high-intensity players. These moves position Paf as a regulated operator serious about sustainable player relationships. That stance extends across both online and shipboard channels.

Financial terms remain undisclosed. That said, the deal underscores a broader industry trend: consolidation among niche maritime gaming operators as larger groups seek scale, geographic diversification and integrated land and sea operations.