On June 30, 2025, the Government Pension Fund Global (GPFG), known as the Oil Fund, was valued at USD 1,941,071,971,596, highlighting a stark contrast in Norway’s gambling policies. The Oil Fund’s investments include significant stakes in some of the world’s leading gambling and iGaming companies, even as domestic measures enforce one of Europe’s most stringent gambling monopolies to protect Norsk Tipping and Norsk Rikstoto. The fund’s involvement in the gambling industry, which it restricts at home, underscores a complex financial landscape.
Norway’s strategic approach involves stringent measures such as payment blocking, DNS actions, and advertising bans to limit international operators while defending its domestic gambling monopoly. Despite these domestic restrictions, Norway’s financial entanglements with the global gambling sector through the Oil Fund are notable. As of June 2025, the Oil Fund’s investments in the sector totaled USD 3,246,707,536, representing 0.167% of its total value. This means that approximately one in every 600 dollars from the fund is invested in global gambling, amounting to around NOK 35 billion.
The detailed holdings include companies like Aristocrat Leisure Ltd from Australia with an ownership of 1.42% and a market value of USD 378,265,929, and DraftKings Inc from the USA with a 0.98% stake worth USD 374,147,527. These investments signify that Norway, perhaps unintentionally, financially participates in a sector it heavily regulates within its borders.
The dichotomy in Norway’s stance has sparked discussions, particularly in light of how the Oil Fund operates independently of political considerations, guided by ethical evaluations. The Council on Ethics reviews whether companies align with the GPFG’s guidelines, though no gambling operators have been excluded so far. Evolution, a company supplying casino content targeted by Norwegian DNS blocking, remains an investment, emphasizing the complex ethical landscape.
Critics argue that the Oil Fund’s strategy contrasts with its domestic gambling policies, and debates have shifted towards companies linked to geopolitical conflicts rather than gambling. Questions arise over whether the GPFG should align more closely with Norway’s foreign policy objectives. This paradox becomes apparent as the fund historically held shares in companies pursued by the Norwegian Gambling Authority domestically.
The issue of whether some investments are more controversial than others persists. While the fund’s exposure to online gambling has decreased, attention remains on certain holdings. Evolution, for instance, continues to draw scrutiny given its involvement with operators facing Norwegian restrictions.
Despite these challenges, Norwegian policymakers face a complex dilemma. On one side, there’s a push to use the Oil Fund more as a political tool. A committee appointed by the government is set to redefine the Council on Ethics’ mandate by October 15, 2026, with political parties advocating for stronger alignment of the fund’s investments with national policies. This ongoing review may intensify discussions about the fund’s role in gambling.
For Norway, this scenario presents a unique challenge. The country’s strict domestic stance on gambling reflects a commitment to controlling the industry for the public good, yet its financial engagements tell a different story. Whether this contradiction will become a significant political issue remains uncertain. However, the numbers indicate a substantial state financial footprint in the global gambling industry, revealing more about Norway’s economic strategies than many might realize.
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