Norway’s Government Pension Fund Global holds approximately $3.25 billion in gambling and iGaming stocks as of June 2025, representing a notable paradox as the country maintains strict domestic gambling regulations while benefiting financially from the global gambling industry it restricts at home.
Norway’s Government Pension Fund Global, commonly known as the Oil Fund, has invested more than $3.2 billion in gambling sector stocks, creating a contradiction as Norwegian authorities continue enforcing strict domestic gambling regulations.
As of June 30, 2025, the $1.94 trillion sovereign wealth fund allocated approximately 0.167% of its portfolio to gambling and iGaming companies. This amounts to roughly one dollar out of every 600 invested in an industry that Norway actively restricts within its borders to protect state-run operators Norsk Tipping and Norsk Rikstoto.
Significant Holdings in Restricted Operators
The fund’s gambling portfolio includes investments in casino operators, sportsbook companies, lottery providers, and iGaming platforms. Some holdings have drawn particular attention, including Evolution, a live casino games supplier whose customers have faced DNS blocking from the Norwegian Gambling Authority.
Norway has implemented multiple measures to control online gambling, including payment blocking, advertising restrictions, website takedowns, and sustained pressure on international operators. These enforcement actions target many of the same companies in which the Oil Fund maintains positions.
Ethical Review Process
The Council on Ethics oversees the fund’s investments to ensure they meet ethical standards, though investment decisions remain independent of political considerations. While the fund has reduced some gambling exposure in recent years, certain positions remain active.
Public criticism of the Oil Fund has historically focused on investments connected to geopolitical conflicts rather than gambling holdings. The fund operates without foreign policy objectives, which has resulted in shareholdings in companies targeted by Norwegian gambling regulators.
Late in 2024, the Council on Ethics conducted an assessment of various industries, including gambling, to evaluate alignment with the fund’s ethical guidelines. The review did not result in the exclusion of any gambling companies. A government-appointed committee has been tasked with reviewing the Council’s mandate, with a deadline of October 15, 2026.
Investment Scale and Context
The Oil Fund’s gambling sector investment totals $3,246,707,536, representing a small fraction of the overall portfolio but a substantial absolute amount equivalent to approximately NOK 35 billion. The fund’s gambling allocation includes diverse companies across multiple gambling verticals and international markets.
The situation highlights the complex relationship between Norway’s domestic gambling policy, designed to maintain a state monopoly, and the country’s position as a major institutional investor in the global gambling industry through its sovereign wealth fund.
Source: Norway gov
