University of Sydney Criticized for Investments in Gambling Giants
The University of Sydney has come under scrutiny for holding financial stakes in some of the world’s largest gambling companies, including Aristocrat, a leading poker machine manufacturer, and Entain, the operator behind the Ladbrokes and Neds brands. Both companies have also provided funding to university-affiliated researchers and gambling research centers.
Freedom of information documents reveal that between 2021 and early 2024, the university held shares in Aristocrat and Entain, though it’s unclear if these investments extended beyond this timeframe. The university also previously held stakes in companies like International Game Technology, Crown Resorts, and the Star Entertainment Group.
Connections to Research Funding
Entain, recently taken to federal court over alleged breaches of anti-money laundering laws, was a founding sponsor of the university’s gambling research center. Aristocrat has also supported the university’s gambling research and treatment clinic, as disclosed in its 2023 sustainability report.
The exact financial value of these investments is unknown, but Aristocrat was listed among the university’s largest Australian equity holdings in the freedom of information documents. Tabcorp, another major Australian gambling company, topped the list.
These revelations have sparked concerns among student representatives and gambling harm advocates. Angus Fisher, president of the university’s student representative council, criticized the investments, highlighting the societal harm associated with gambling.
“Gambling-related harm disproportionately affects vulnerable communities. Industry-funded research risks creating real or perceived conflicts of interest,” Fisher said. “It’s troubling that a university committed to social equity may be profiting from an industry built on addiction and exploitation.”
Broader Concerns About Gambling Harm
In June 2023, an online gambling inquiry report urged the federal government to protect public policy and academic research from gambling industry influence. Advocates argue the gambling sector’s role in funding research can undermine objectivity, drawing parallels with the tobacco industry.
Simon Chapman, a retired academic known for campaigning against tobacco industry funding at the University of Sydney, called for deeper scrutiny of these investments. “While universities rely on external funding, partnerships with industries that cause significant harm, like gambling, should be debated extensively,” he said.
Tim Costello, chief advocate for the Alliance for Gambling Reform, echoed these concerns, stating, “Australia’s per capita gambling losses are the highest in the world. Even independent institutions like the University of Sydney are tied to gambling profits through investments in Aristocrat and Entain.”
University’s Response
The university defended its actions, stating that as a not-for-profit entity, all revenue is reinvested into research and teaching. A spokesperson emphasized that the institution adheres to strict investment guidelines and has improved its socially responsible investment strategies in recent years.
“Our research integrity is essential. Policies are in place to manage potential conflicts of interest and ensure research remains ethical and robust,” the spokesperson said.
There is no suggestion that university investments influenced its researchers’ findings. However, critics argue that the association between academic institutions and gambling companies raises ethical questions.
Public health expert Prof. Samantha Thomas from Deakin University noted, “The University of Sydney was a leader in rejecting tobacco industry funding. It’s disappointing to see similar relationships with the gambling sector, given the clear harm it causes.”
Industry’s Perspective
Aristocrat has stated that its funding supports a better understanding of gambling harm and ways to mitigate risks. Entain defended its involvement in academic research, emphasizing the need for robust, fact-based studies to guide regulation.
“We aim to foster evidence-based discussions around gambling, countering speculation and emotional rhetoric,” an Entain spokesperson said.
As debates continue, advocates call for greater transparency and stronger safeguards to prevent gambling industry influence on public policy and research.
Source: https://www.theguardian.com/austral...machine-maker-and-global-betting-giant-ntwnfb
The University of Sydney has come under scrutiny for holding financial stakes in some of the world’s largest gambling companies, including Aristocrat, a leading poker machine manufacturer, and Entain, the operator behind the Ladbrokes and Neds brands. Both companies have also provided funding to university-affiliated researchers and gambling research centers.
Freedom of information documents reveal that between 2021 and early 2024, the university held shares in Aristocrat and Entain, though it’s unclear if these investments extended beyond this timeframe. The university also previously held stakes in companies like International Game Technology, Crown Resorts, and the Star Entertainment Group.
Connections to Research Funding
Entain, recently taken to federal court over alleged breaches of anti-money laundering laws, was a founding sponsor of the university’s gambling research center. Aristocrat has also supported the university’s gambling research and treatment clinic, as disclosed in its 2023 sustainability report.
The exact financial value of these investments is unknown, but Aristocrat was listed among the university’s largest Australian equity holdings in the freedom of information documents. Tabcorp, another major Australian gambling company, topped the list.
These revelations have sparked concerns among student representatives and gambling harm advocates. Angus Fisher, president of the university’s student representative council, criticized the investments, highlighting the societal harm associated with gambling.
“Gambling-related harm disproportionately affects vulnerable communities. Industry-funded research risks creating real or perceived conflicts of interest,” Fisher said. “It’s troubling that a university committed to social equity may be profiting from an industry built on addiction and exploitation.”
Broader Concerns About Gambling Harm
In June 2023, an online gambling inquiry report urged the federal government to protect public policy and academic research from gambling industry influence. Advocates argue the gambling sector’s role in funding research can undermine objectivity, drawing parallels with the tobacco industry.
Simon Chapman, a retired academic known for campaigning against tobacco industry funding at the University of Sydney, called for deeper scrutiny of these investments. “While universities rely on external funding, partnerships with industries that cause significant harm, like gambling, should be debated extensively,” he said.
Tim Costello, chief advocate for the Alliance for Gambling Reform, echoed these concerns, stating, “Australia’s per capita gambling losses are the highest in the world. Even independent institutions like the University of Sydney are tied to gambling profits through investments in Aristocrat and Entain.”
University’s Response
The university defended its actions, stating that as a not-for-profit entity, all revenue is reinvested into research and teaching. A spokesperson emphasized that the institution adheres to strict investment guidelines and has improved its socially responsible investment strategies in recent years.
“Our research integrity is essential. Policies are in place to manage potential conflicts of interest and ensure research remains ethical and robust,” the spokesperson said.
There is no suggestion that university investments influenced its researchers’ findings. However, critics argue that the association between academic institutions and gambling companies raises ethical questions.
Public health expert Prof. Samantha Thomas from Deakin University noted, “The University of Sydney was a leader in rejecting tobacco industry funding. It’s disappointing to see similar relationships with the gambling sector, given the clear harm it causes.”
Industry’s Perspective
Aristocrat has stated that its funding supports a better understanding of gambling harm and ways to mitigate risks. Entain defended its involvement in academic research, emphasizing the need for robust, fact-based studies to guide regulation.
“We aim to foster evidence-based discussions around gambling, countering speculation and emotional rhetoric,” an Entain spokesperson said.
As debates continue, advocates call for greater transparency and stronger safeguards to prevent gambling industry influence on public policy and research.
Source: https://www.theguardian.com/austral...machine-maker-and-global-betting-giant-ntwnfb
