Timing right for Italian entry, says Paf CEO
Anders Ingves praises "stabilised" Italian market and remains hopeful of potential Swedish regulation
Paf chief executive Anders Ingves says the time is right to enter the Italian market, claiming there to be “plenty of growth opportunities” in the country.
Earlier this month Paf acquired Italy-facing gaming business Winga and confirmed plans to maintain the existing brand and develop its product portfolio.
The acquisition comes during a period of transition in the Italian market. A number of operators have withdrawn citing difficult operating conditions, while the regulator has increased efforts to tackle a problematic unlicensed presence.
PokerStars’ recent launch of an online casino is also likely to ramp-up competition, however Ingves told eGaming Review now is a “good time” for Paf to enter the market.
“The best timing of the market is probably not when everyone’s entering the market, even though that’s usually the case,” Ingves said. “The timing now, when some are leaving and there are a few mergers there, it’s a good time for us,” Ingves said.
Ingves said he quickly came to the conclusion Winga would be a “really good fit” for Paf after talks with Winga commenced last summer.
“We had good negotiations with their owners and good cooperation with Winga during the fall, drew up a future business plan and now we’re really eager to see that,” he said.
Ingves also remains hopeful that potential regulation in Sweden, which is understood to be considering fast-tracking a Denmark-styled licensing framework, would also propose an interesting market for the operator to enter.
“[The regulation] looks like it’s going in the right direction,” Ingves said. “We’re following it closely and if Sweden also goes to a licensed market it’s good for Paf and it’s good for our industry,” he added.
Paf also revealed this morning that it is to partner with Gibraltar’s Sunborn Hotel to launch a casino on the superyacht which, subject to regulatory approval, will open in April.