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Norskecasinopanett reveals the downside of the state monopoly on gambling in Norway

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OSLO, Norway, Aug. 8, 2023 /PRNewswire/ — “I deeply regret the impact my mistakes have had on others, including the wonderful people in the fields of culture and gender equality, my colleagues in the government, and everyone I’ve disappointed.” With these words of remorse, Anette Trettebergstuen ended her tenure as Minister of Culture in the Norwegian government. She called a press conference in Oslo on June 23 to apologize and announce her resignation.

During her time as Minister of Culture, Anette Trettebergstuen appointed two of her former colleagues from the Norwegian constituency of Hedmark Ap to the board of Norsk Tipping, showing an unfair bias in their favor. Thomas Bryn became a board member in April 2022, while Sylvia Brustad took over as chair in April 2023. These board positions were given to party members whom Minister of Culture Anette Trettebergstuen had known for more than two decades, with remuneration of NOK 280,000 and NOK 150,000 respectively.

In addition, she has appointed another former colleague from Hedmark Ap as deputy chairman of the board of Norway’s Rikstoto, entitling him to a fee of NOK 150,000.

Commenting on Anette Trettebergstuen’s conduct, Prime Minister Jonas Gahr Støre said, “Annette has on several occasions offered and appointed good friends to board positions and other positions related to her (ministerial) portfolio.” He acknowledged that she admitted to being biased and therefore unable to act objectively on the basis of merit.

“We couldn’t help but mention the conflict-of-interest scandal involving former Culture Minister Anette Trettebergstuen, because now the activities of state-owned gambling companies will be under increased scrutiny,” says Lars Hansen, gambling industry expert from Norskecasinopanett.

When a government official, such as Minister of Culture Anette Trettebergstuen, appoints close friends to influential positions with substantial fees, it raises concerns about unfair bias and nepotism. Such actions undermine the principles of transparency and meritocracy, as positions that should be filled based on qualifications and expertise are instead given to acquaintances without due consideration. This type of favoritism undermines public trust in government and can lead to perceptions of corruption or abuse of power.

It’s important to remember that Norsk Tipping and Norsk Rikstoto are state-owned gambling companies, managed by the Ministry of Culture, which have a monopoly on the gambling market in Norway. The exclusive right for Norsk Tipping is justified by concerns about the potential social problems of gambling for customers, and there is a broad political consensus on the need for strict state regulation of gambling to protect consumers. The debate over this exclusive right is a recurring one, with some advocating the introduction of more players through licensing. In a 2015 study, the Norwegian Lottery Authority concluded that the exclusive rights model is likely the best approach to prevent gambling-related problems, while another government study suggested that liberalizing the market may not lead to more profits for the government.

Notably, Norway is the only country in Europe to have implemented a payment ban in 2010, requiring Norwegian banks and credit institutions to stop all transfers to foreign competitors of Norsk Tipping and Norsk Rikstoto. On May 7, 2018, the Storting (the Norwegian Parliament) decided to restrict Norwegian players’ access to foreign online gaming platforms in order to protect Norsk Tipping from foreign competition.

In addition, both Norsk Tipping and Norsk Rikstoto have refused to provide data and statistics on Norwegian gambling behavior.

In 2012, the Ministry of Culture commissioned Norsk Tipping to launch online games to channel Norwegians’ desire to gamble in a safer environment. Since unregulated gambling companies generate significant revenues each year, the goal was to offer similar types of games within a safe framework and restrictions. In addition, the profits will be channeled to good causes, similar to Norsk Tipping’s other revenues. The latest profit data available on the company’s official website is for 2021 and amounts to NOK 6.28 billion.

If Norway were to open its gambling market, there could be several consequences. On the positive side, it could lead to increased competition and innovation within the gambling industry, potentially offering consumers a wider range of options. It could also generate additional revenue for the government through licensing fees and taxes.

On the other hand, the Norwegian government’s current complete monopoly on the gambling market, controlled by Norsk Tipping and Norsk Rikstoto, has its own advantages. By maintaining this monopoly, the government can exercise strict control over the industry to prevent gambling-related problems and protect consumers. Profits from Norsk Tipping’s operations are channeled into charitable causes such as sports, culture and humanitarian organizations, making a positive contribution to society. The Government and the Ministry of Culture allocate these funds according to a distribution formula set out in the Gaming Act.

According to the Ministry of Culture, 100% of Norsk Tipping’s profits are reinvested in society each year. In 2022, for example, NOK 518.3 million of the profit was donated to voluntary emergency organizations, including Redningsselskapet, the Red Cross and Norwegian People’s Aid. In 2023, 18% of Norsk Tipping’s gambling profits must be distributed to social and humanitarian organizations by September of that year. The government’s current stance on the monopoly seeks to prioritize social responsibility over profit-seeking, with the goal of preventing gambling problems and protecting vulnerable individuals.

“Whether the monopoly is an advantage for Norway depends on the government’s overall goals.” – says Lars Hansen.  If the primary goal is to minimize the negative effects of gambling while supporting social causes, then the existing monopoly is in line with these intentions. However, if the priority is to promote the growth of the industry and generate additional profits, it may be justified to consider alternative models. Striking a balance between these objectives is crucial for effective regulation and the overall welfare of Norwegian citizens.

It is unlikely that there will be any radical changes in the policy of monopolizing the gambling industry that Annette Trettebergstuen has pursued during her time in the ministry. It is not for nothing that she has appointed people to the positions of trustees in Norsk Tipping and Norsk Rikstoto who have worked with her for a long time in the Norwegian constituency of Hedmark-Up and who are most likely her associates.

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Blockchain Press Releases

Flash News: OKX Hosts ‘Manta Trading Campaign’ Featuring USD20,000 Manta Token Prize Pool

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SINGAPORE, Feb. 26, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for February 24, 2024.

OKX Hosts ‘Manta Trading Campaign’ Featuring USD20,000 Manta Token Prize Pool

OKX today announced the launch of its ‘Manta Trading Campaign,’ giving users who complete tasks such as following OKX Web3 on social media, swapping and bridging tokens the opportunity to claim a share in a USD20,000 Manta token prize pool.

To have a chance to win a portion of the Manta token prize pool, users must trade tokens worth more than USD10 on the Manta Pacific chain. In addition, they must bridge tokens valued over USD10 to the Manta Pacific chain through OKX DEX. Participants are also required to engage in several social media tasks, including following OKX Web3 on X. All campaign details can be found here.

OKX announced that it has integrated Manta, an innovative Layer 2 privacy protocol, into its DEX offerings on January 27, 2024. This integration allows OKX DEX users to easily conduct on-chain swaps and cross-chain transactions via the Manta network.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

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Blockchain Press Releases

Flash News: OKX DEX Aggregator Now Supports Metis, a Layer 2 Scaling Solution for Ethereum

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SINGAPORE, Feb. 25, 2024 PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for February 25, 2024.

OKX DEX Aggregator Now Supports Metis, a Layer 2 Scaling Solution for Ethereum

OKX today announced that its DEX aggregator now supports the Metis network. This integration allows users swap tokens and conduct cross-chain transactions on the Metis network through OKX DEX.

By enabling on-chain swaps and cross-chain transactions on Metis Network directly through OKX DEX, user convenience is greatly enhanced. This latest addition also improves liquidity and offerings, as OKX DEX now connects with top DEXs on Metis, such as Hermes Protocol, NetSwap, Tethys, and Wagmi, covering 97% of the network’s liquidity.

Metis is a Layer 2 scaling solution for Ethereum, providing a more efficient and scalable platform for DApps and transactions. Unveiled in March 2023, Metis DAO’s hybrid rollup offers a range of benefits, including EVM equivalence, enhanced security, lightning-fast transaction confirmations and optimized capital efficiency. Metis’ native token, METIS, can be used for transaction fees, locking (staking) to become a sequencer and fraud challenge incentives.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit:  okx.com

Disclaimer

Logo – https://mma.prnewswire.com/media/2014295/OKX_Logo_Logo.jpg

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Blockchain Press Releases

AEVOLVE Labs: aelf’s New Incubator Spearheading Web3 Innovation

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Singapore-based aelf launches AEVOLVE Labs to nurture blockchain projects, bridging the gap between Web2 and Web3 with tailored support and mentorship

SINGAPORE, Feb. 23, 2024 /PRNewswire/ — aelf, a high-performance Layer 1, has launched AEVOLVE Labs, an incubator to identify and support promising blockchain projects. AEVOLVE Labs embraces a chain and vertical agnostic philosophy and is positioned to support diverse projects, ensuring meaningful reach and impact across various blockchain technologies and market sectors. Selected projects will be provided with bespoke mentorship, extensive networking opportunities, and funding support – all customised to meet their specific blockchain needs and enhance their innovative potential.

AEVOLVE Labs is strategically designed to identify and support early-stage blockchain projects building across any blockchain ecosystem, with the aim of realising a highly efficient and interoperable future. Through the incubator, projects will gain access to vital resources and support from aelf. The incubator also serves as a launchpad, enabling aspiring projects to become blockchain-enabled by overcoming common barriers to entry, such as limited domain knowledge, nascent infrastructure, and funding constraints.

AEVOLVE Labs adopts a tailored approach to support the unique requirements of each project, focusing primarily on three critical areas: product-market fit strategy, networking opportunities, and financial support:

  1. Product-Market Fit Analysis: Projects undergo a thorough assessment to ensure market alignment, with AEVOLVE Labs providing advice on marketing and operational strategy that is catered to each project’s success.
  2. Extensive Networking Community: The incubator facilitates connections between project founders and an extensive network of institutions, industry specialists, investment funds, communities and thought leaders in the Web3 space, which allows the exchange of valuable insights and the opportunities to collaborate or list their projects.
  3. Funding and Financial Strategy Support: Participants have the opportunity to seek funding from aelf Ventures’ $50 million Ecosystem Fund, the aelevate Gaming Grant, and external investors, opening the doors for projects to secure the necessary financial backing. Additionally, projects will receive comprehensive advice on revenue projection, fundraising strategies, and developing a sustainable tokenomics model, all aimed at building a strong financial foundation.

“Through AEVOLVE Labs, we want to provide a conducive avenue for projects to innovate within the blockchain space. This requires close collaboration between our team and the projects, and the incubator is structured to help these projects address specific pain points while providing strategic support. We are confident that AEVOLVE Labs will empower these projects to lead, enhance, and develop Web3 use cases that will benefit the entire ecosystem,” said Hazel Zhang, Head of Investment at aelf.

AEVOLVE Labs welcomes projects from diverse sectors, and applicants will be evaluated against predefined criteria to assess their potential value. Once selected, these projects will join aelf’s existing portfolio of incubation projects and participate in an incubation programme for a period ranging from 6 to 12 months.

Stay updated on aelf’s news and engage with the aelf community on:

Website: https://aelf.com
Telegram: https://t.me/aelfblockchain
Discord: https://discord.gg/bgysa9xjvD 

About aelf

aelf, a high-performance Layer 1 featuring multi-sidechain technology for unlimited scalability. aelf blockchain is designed to power the development of Web3 and support its continuous advancement into the future. Founded in 2017 with its global hub based in Singapore, aelf is one of the pioneers of the mainchain-sidechain architecture concept. Incorporating key foundational components, including AEDPoS, aelf’s variation of a Delegated Proof-of-Stake (DPoS) consensus protocol; parallel processing; peer-to-peer (P2P) network communication; cross-chain bridges, and a dynamic side chain indexing mechanism, aelf delivers a highly efficient, safe, and modular ecosystem with high throughput, scalability, and interoperability.

aelf facilitates the building, integrating, and deploying of smart contracts and decentralised apps (dApps) on its blockchain with its native C# software development kit (SDK) and SDKs in other languages, including Java, JS, Python, and Go. aelf’s ecosystem also houses a range of dApps to support a flourishing blockchain network. aelf is committed to fostering innovation within its ecosystem and remains dedicated to driving the development of Web3 and the adoption of blockchain technology.

Disclaimer: The information provided in this press announcement is for general informational purposes only and does not constitute legal, financial, or investment advice. aelf makes no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, or reliability of the information provided in this press announcement. Any reliance you place on such information is strictly at your own risk. Blockchain technology and cryptocurrency involve inherent risks, including but not limited to market volatility, regulatory changes, and potential security vulnerabilities. By accessing and using the information provided in this press announcement, you agree to indemnify and hold aelf, its officers, directors, employees, and agents harmless from and against any and all claims, liabilities, damages, losses, or expenses arising out of or in connection with your use of the information or participation in aelevate. aelf reserves all rights not expressly granted in this press announcement.

Photo – https://mma.prnewswire.com/media/2346094/AEVOLVE_Labs_aelf_s_New_Incubator.jpg

 

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