Australia's 20 largest superannuation funds collectively hold AUD 14.8 billion (approximately US$10.3 billion) in shares of 198 publicly listed gambling companies, according to a new report prepared by SustainoMetric for the Alliance for Gambling Reform.
The research analyzed publicly available investment disclosures and responsible investment policies of the country's biggest retirement funds. Gambling-related holdings account for just over 1% of all listed equity investments managed by the surveyed funds.
Largest gambling investments
The report identifies the five funds with the largest exposure to gambling companies:
- AustralianSuper — AUD 4.9 billion;
- Australian Retirement Trust — AUD 1.8 billion;
- Colonial First State — AUD 1.5 billion;
- UniSuper — AUD 1.2 billion;
- Aware Super — AUD 943 million.
Together, these five investors account for the majority of the sector's exposure to listed gambling businesses.
Researchers emphasize that AUD 14.8 billion should be considered a conservative estimate.
The study excludes several investment categories, including:
- corporate bonds;
- private equity;
- externally managed investment funds;
- diversified corporations where gambling represents only one part of overall operations.
As a result, the total exposure of Australia's pension sector to gambling-related assets could be substantially higher.
Transparency remains a key issue
According to the Alliance for Gambling Reform, many Australians are unaware that their retirement savings may be invested in gambling operators.
The organization argues that pension fund members should receive clearer information about portfolio allocations and have greater transparency regarding exposure to industries that may conflict with their personal values.
The report also evaluated responsible investment policies across all 20 funds.
None received the highest "Leading Practice" rating.
The assessment classified:
- 6 funds as Advanced;
- 6 funds as Basic;
- 8 funds as Limited.
The findings suggest that approaches to gambling-related investments vary significantly across Australia's retirement sector despite growing attention to ESG standards.
The report does not allege any breach of Australian investment regulations. Instead, it highlights disclosure practices and calls for greater transparency around how compulsory retirement savings are invested.
