Steward ownership is a transformative business model that reshapes how companies operate and align with broader social and environmental values. At its core, steward ownership is guided by two key principles: profits serve purpose, and self-governance. In this post we’ll briefly explain the concept and why it’s important for us and sustainability in the online gambling industry.
Understanding Steward Ownership:
- Profits Serve Purpose:
- In steward-owned companies, profit is not the primary goal but a means to achieve a larger purpose.
- Profits are used in various ways: reinvested in the business, to repay investors, shared with stakeholders, and donated to charitable causes.
- This principle shifts the focus from profit maximization to fulfilling the company’s mission and long-term objectives.
- Self-Governance:
- Steward ownership ensures control remains with individuals actively engaged in or closely connected to the business.
- Voting shares are held by stewards (people in or close to the business) and cannot be sold or inherited.
- This structure ensures decisions reflect a broad range of stakeholder interests, not just shareholders.
Impact on Better World Casinos (BWC):
- Aligned with Mission and Values: BWC’s commitment to transforming the online gambling industry aligns seamlessly with steward ownership. This model can fortify BWC’s mission to promote transparency, integrity, and social responsibility within the industry.
- Long-Term Independence and Integrity: By adopting steward ownership, BWC can ensure its core values and mission are preserved over time, without the influence of external profit-driven stakeholders.
- Investor and Shareholder Dynamics: For investors and shareholders, steward ownership at BWC means supporting a business model that prioritizes ethical practices and social impact over short-term profits. The ROI may be perceived in terms of societal impact as well as financial returns.
- Profit Utilization: Profits at BWC would be primarily directed towards initiatives and practices that align with its vision of a responsible and transparent gambling industry. This could involve reinvesting in community projects, enhancing player protection measures, or supporting research and advocacy for responsible gambling.
Steward ownership represents a groundbreaking shift in the gambling industry, traditionally centered around profit maximization. For a company like Better World Casinos, dedicated to social and ethical values, this model is more than an alternative; it’s a pioneering approach. It safeguards BWC’s core principles while harmoniously aligning its operations with wider societal and environmental objectives, marking a significant departure from industry norms towards a more responsible and conscientious business ethos.
For a deeper understanding of steward ownership, I recommend consulting the Steward Ownership booklet and exploring further resources at Purpose Economy.
