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Norway gambling-selective. The Sovereign Wealth Fund wagers money on betting while unlicensed gambling is frowned upon at home. A dependency organisation is critical to the move. Norway’s SWF has over NOK 3.48bn (some USD 473m/EUR 417.76m/GBP 311m at today’s ROE) invested in several real and virtual casinos, Vårt Land reports. Actis’ (Norwegian Policy Network on Alcohol and Drugs) random examination of the SWF’s investment portfolio shows that most of this betting-related money is invested in the Galaxy Entertainment Group Ltd – NOK 983.55m (about USD 133.54m/EUR 117.81m/GBP 87.7m).

swf, gpfg, investments, gambling, addiction



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Norway gambling-selective

Published on Thursday, 7th May, 2015 at 16:51 under the news category, by Michael Sandelson   .
Last Updated on 7th May 2015 at 17:10.

The Sovereign Wealth Fund wagers money on betting while unlicensed gambling is frowned upon at home. A dependency organisation is critical to the move.

Uncut sheet of 200-kroner notes
The money is rolling in for Norway's Government Pension Fund Global whilst others gamble on having a good hand.Uncut sheet of 200-kroner notes
Photo: Katrine Lunke/Norges Bank


Norway’s SWF has over NOK 3.48bn (some USD 473m/EUR 417.76m/GBP 311m at today’s ROE) invested in several real and virtual casinos, Vårt Land reports.

Actis’ (Norwegian Policy Network on Alcohol and Drugs) random examination of the SWF’s investment portfolio shows that most of this betting-related money is invested in the Galaxy Entertainment Group Ltd – NOK 983.55m (about USD 133.54m/EUR 117.81m/GBP 87.7m).

Conglomerate Galaxy runs casinos in Macau, amongst other activities. Norway and Macau have had a tax agreement in place since 2011.

At the same time, advertising gambling, alcohol, and tobacco products is illegal on Norway-based TV channels.

Only Norsk Tipping is allowed to advertise because it is state-run and part of Norway’s internal monopoly on gambling.

“They also have many safety measures in place for players, such as limits as to how much and how long you can play for,” Actis leader Mina Gerhardsen tells The Foreigner.

“Double standards”

But several channels that transmit from abroad, which are available in Norway, run advertisements for gambling companies.

Norway’s SWF also invests in these firms via Betsson, the parent company that owns subsidiaries Norgesautomaten, Nordicbet, Betsafe, and Norskelodd.

This reveals a disparity, according to Ms Gerhardsen, as two different Ministries are attempting to achieve two different objectives.

The Ministry of Finance has given the Fund the green light to invest NOK 290m (about USD 39.2m/EUR 34.78m/GBP 25.77m) in companies responsible for a fourth of foreign-transmitted unlicensed gambling advertising.

The Ministry of Culture is trying to find a way of banning these types of Norwegian-language adverts from being shown on TV in Norway.

“This [allowing investment] undermines our efforts to reduce the problems associated with gambling,” Ms Gerhardsen, a former Labour (Ap) politician says to Vårt Land.

The Rightist government has also legalised Poker tournaments and private Poker teams, albeit with a betting limit, and wants to establish five new lotteries.

“Poker is the also the most dangerous when it comes to gambling addiction,” she comments to The Foreigner.

“There’s broad political consensus when it comes to reducing this, but it creates a problem when the government wants to allow NGOs working with international issues to apply for licences to run these proposed new lotteries.”

19 firms                                                        

Actis’ register of the Sovereign Wealth Fund’s investment portfolio, with ownership stake percentages, is listed below (amounts given in NOK):

Ainsworth Gaming Technology Ltd – 28,403,759 (0.61%)
Amaya Inc – 74,532,186 (0.31%)
Angler Gaming PLC – 1,280,861 (2.05%)
Aristocrat Leisure Ltd – 502,625,813 (1.98%)
Betsson – 290,342,377 (2.4%)
Boyd Gaming Corp – 53,185,888 (0.51%)
Bwin Party Digital Entertainment PLC – 483,434,336 (4.29%)
Caesars Entertainment Corp – 15,399,096 (0.09%)
Echo Entertainment Group Ltd – 186,337,557 (0.67%)
Galaxy Entertainment Group Ltd – 983,553,430 (0.55%)
Gaming and Leisure Properties Inc – 268,673,573 (1.09%)
Grand Korea Leisure Co Ltd – 154,702,898 (1.14%)
Great Canadian Gaming Corp – 86,943,479 (0.95%)
Leisure & Resorts World Corp – 26,580,586 (1.12%)
Monarch Casino & Resort Inc – 8,965,997 (0.43%)
Penn National Gaming Inc – 110,233,007 (1.36%)
Pinnacle Entertainment Inc – 46,446,661 (0.46%)
Scientific Games Corp – 24,534,691 (0.3%)
SKYCITY Entertainment Group Ltd – 136,964,061 (1.03%S)

TOTAL: NOK3,483,140,256




Published on Thursday, 7th May, 2015 at 16:51 under the news category, by Michael Sandelson   .
Last updated on 7th May 2015 at 17:10.

This post has the following tags: swf, gpfg, investments, gambling, addiction.





  
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