Norway’s Oil Fund: A Complex Relationship with the Gambling Industry
Norway’s Rigorous Gambling Regulations
Norway has long maintained strict controls over its gambling industry. Authorities have taken a firm stance by blocking payments, limiting advertisements, removing websites, and applying continuous pressure on international gambling operators. These measures primarily aim to protect the state-owned entities, Norsk Tipping and Norsk Rikstoto, from external competition in the domestic market.
The Oil Fund’s Contradictory Investments
Despite Norway’s stringent domestic policies, the Government Pension Fund Global—commonly known as the Oil Fund—holds substantial investments in many international gambling companies. This creates an interesting paradox where Norway financially benefits from an industry it actively restricts within its borders.
Investment Details and Ethical Oversight
As of June 30, 2025, the Oil Fund’s total assets were valued at approximately $1.94 trillion. A portion of this portfolio includes casino, sportsbook, lottery, and online gaming companies. While investment decisions are not influenced by political debates, the Council on Ethics is responsible for ensuring that these investments adhere to ethical guidelines.
Although some reduction in online gambling exposure has occurred over recent years, certain holdings remain notable. For example, the fund has invested in Evolution, a prominent live casino game supplier whose operators have faced regulatory actions including DNS blocking by the Norwegian Gambling Authority. Yet, the Oil Fund has continued to maintain shares in Evolution despite these controversies.
Interestingly, public criticism of the Oil Fund largely centers on investments linked to geopolitical conflicts and wartime profiteering, rather than its gambling sector holdings. The fund explicitly avoids aligning investments with foreign policy goals, which explains why it has maintained shares in companies that Norwegian gambling regulators oppose.
The Financial Scale of Gambling Investments
In concrete terms, the Oil Fund’s gambling-related investments total over $3.24 billion. Compared to the overall fund value of nearly $1.94 trillion, this gambling exposure represents about 0.167% of the entire portfolio. To put it simply, approximately one out of every 600 dollars in the fund is invested in gambling companies. While this is a minor fraction of the fund, the absolute scale—equivalent to roughly 35 billion Norwegian kroner—is significant, especially given Norway’s stringent domestic gambling policies.
Ongoing Ethical Reviews
Toward the end of 2024, the Council on Ethics conducted evaluations across several industries, including gambling, to assess their alignment with the ethical standards established for the Government Pension Fund Global. The assessment concluded without excluding any gambling companies. A government-appointed committee is scheduled to review the council’s mandate by October 15, 2026, which may influence future investment policies.
