Norway has been tightening regulations on online gambling for years, implementing measures such as blocking payments, limiting ads, shutting down websites, and applying pressure on international operators to protect state-run Norsk Tipping and Norsk Rikstoto. Despite these efforts, the Government Pension Fund Global, known as the Oil Fund, is significantly invested in global gambling companies that Norway seeks to exclude from its own market.
Norway’s Paradox
As of June 30, 2025, the Oil Fund was valued at $1.94 trillion. A detailed examination of its portfolio reveals that Norway gains financially from an industry it restricts domestically. The fund’s investments include various casino, sportsbook, lottery, and iGaming companies, some of which are more scrutinized than others. Although the Oil Fund’s decisions are not subject to political debate, the Council on Ethics evaluates whether any investments are unethical.
The fund has reduced its exposure to online gambling in recent years, but certain investments remain prominent, such as Evolution. This company provides live casino games to operators that the Norwegian Gambling Authority has targeted with DNS blocking, yet the Oil Fund has maintained shares in Evolution despite regulatory actions against some of its clients.
Contrary to what might be expected, the Oil Fund has faced more public criticism for investments related to geopolitical conflicts rather than gambling. The fund does not invest based on foreign policy, which is why it holds shares in companies opposed by gambling regulators.
The Numbers Speak for Themselves
In terms of figures, the Oil Fund’s gambling investments amount to $3,246,707,536, against a total GPFG value of $1,941,071,971,596, representing 0.167% of the fund in gambling. This means approximately one out of every 600 dollars in the Oil Fund is invested in the gambling industry, totaling more than $3 billion or around NOK 35 billion, which stands out given Norway’s strict domestic gambling regulations.
In late 2024, the Council on Ethics reviewed various industries, including gambling, to see if they met the GPFG’s ethical standards. No gambling companies were excluded as a result. A government-appointed committee will review the Council’s mandate by October 15, 2026.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com