Study Reveals $10B Gambling Holdings by Aussie Funds
Highlights
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The study reveals that about $10.3 billion has been invested in listed companies associated with gambling.
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The latest proposal made by the Alliance for Gambling Reform was to ask legislators to ban iGaming inducements.Â
Research commissioned by the Alliance for Gambling Reform and undertaken by SustainoMetric revealed that Australia’s top 20 superannuation funds collectively own at least AUD 14.8 billion (roughly $10.3 billion) worth of publicly traded gambling-related investments.
Review of the funds’ direct equity holdings and responsible-investment policies. It has been found that investments in 198 publicly listed enterprises have links to the gambling sector. The top 20 funds amount to AUD 1.18 trillion (about $820 billion) in listed equities. However, gambling-related investment accounts for just 1% of these holdings, or about $10.3 billion.
SustainoMetric said the analysis likely underestimates the funds’ gambling exposure because it excluded investments in bonds, private equity, and externally managed assets, as well as diversified companies that derive gambling-related revenue but did not qualify under the study’s classification framework.
In light of another recent study estimating that more than 3 million Australians have been affected by gambling-related harm, the Alliance for Gambling Reform advocated for stronger consumer protections. It said super funds should regard gambling as a material social risk, on par with tobacco and alcohol, and implement standardized disclosures across the sector.
Recently, another initiative was backed by the Alliance for Gambling Reform that included the group asking legislators to ban iGaming inducements, highlighting the risk that promotional offerings, “bonus bets,” might confuse users, leading to higher spending.
To know the full news story, Read Here!
Review of the funds’ direct equity holdings and responsible-investment policies. It has been found that investments in 198 publicly listed enterprises have links to the gambling sector. The top 20 funds amount to AUD 1.18 trillion (about $820 billion) in listed equities. However, gambling-related investment accounts for just 1% of these holdings, or about $10.3 billion.
SustainoMetric said the analysis likely underestimates the funds’ gambling exposure because it excluded investments in bonds, private equity, and externally managed assets, as well as diversified companies that derive gambling-related revenue but did not qualify under the study’s classification framework.
In light of another recent study estimating that more than 3 million Australians have been affected by gambling-related harm, the Alliance for Gambling Reform advocated for stronger consumer protections. It said super funds should regard gambling as a material social risk, on par with tobacco and alcohol, and implement standardized disclosures across the sector.
Recently, another initiative was backed by the Alliance for Gambling Reform that included the group asking legislators to ban iGaming inducements, highlighting the risk that promotional offerings, “bonus bets,” might confuse users, leading to higher spending.
To know the full news story, Read Here!
