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Norway has long enforced one of Europe’s strictest gambling monopolies. Payment blocking, DNS actions, advertising bans and legal pressure on international operators are all part of the strategy to protect Norsk Tipping and Norsk Rikstoto. Yet at the very same time, the Government Pension Fund Global (GPFG), commonly known as the Oil Fund, holds sizeable investments in some of the world’s largest gambling and iGaming companies.
As of June 30, 2025, the GPFG was valued at USD 1,941,071,971,596. A review of the fund’s full holdings shows that Norway is financially tied to an industry it actively restricts at home.
Below is a complete overview of all iGaming-, sportsbook-, casino- and lottery-related companies in which the Oil Fund is invested.
Complete Overview of the Oil Fund’s iGaming and Gambling Investments
Based on GPFG holdings as of June 30, 2025
| Company | Ownership (%) | Market Value (USD) | Sector | Country |
|---|---|---|---|---|
| Aristocrat Leisure Ltd | 1.42 | 378,265,929 | Consumer Discretionary | Australia |
| Betmakers Technology Group Ltd | 3.02 | 2,126,294 | Consumer Discretionary | Australia |
| Lottery Corp Ltd/The | 1.55 | 120,501,183 | Consumer Discretionary | Australia |
| Galaxy Entertainment Group Ltd | 1.76 | 341,909,133 | Consumer Discretionary | Hong Kong |
| MGM China Holdings Ltd | 0.93 | 58,102,747 | Consumer Discretionary | Hong Kong |
| Sands China Ltd | 0.97 | 163,144,207 | Consumer Discretionary | Hong Kong |
| Wynn Macau Ltd | 1.07 | 38,761,357 | Consumer Discretionary | Hong Kong |
| Evolution AB | 0.16 | 25,722,411 | Consumer Discretionary | Sweden |
| Hacksaw AB | 0.82 | 18,939,394 | Consumer Discretionary | Sweden |
| Playtech Plc | 2.02 | 32,140,890 | Consumer Discretionary | United Kingdom |
| Boyd Gaming Corp | 0.86 | 54,933,262 | Consumer Discretionary | USA |
| Caesars Entertainment Inc | 1.35 | 79,604,254 | Consumer Discretionary | USA |
| DraftKings Inc | 0.98 | 374,147,527 | Consumer Discretionary | USA |
| Flutter Entertainment PLC | 1.84 | 931,175,458 | Consumer Discretionary | USA |
| Gaming and Leisure Properties Inc | 1.37 | 175,169,221 | Real Estate | USA |
| Las Vegas Sands Corp | 0.43 | 131,695,589 | Consumer Discretionary | USA |
| Light & Wonder Inc | 1.21 | 152,374,105 | Consumer Discretionary | USA |
| MGM Resorts International | 0.63 | 59,044,535 | Consumer Discretionary | USA |
| Rush Street Interactive Inc | 0.93 | 4,470,000 | Consumer Discretionary | USA |
| Wynn Resorts Ltd | 1.09 | 106,282,384 | Consumer Discretionary | USA |
| IGT Plc | 1.30 | 50,273,736 | Consumer Discretionary | United Kingdom |
Are Some Investments More Controversial Than Others?
The Oil Fund invests independently of political considerations, but the Council on Ethics evaluates whether companies breach the GPFG’s ethical guidelines. While the fund’s exposure to online gambling has been reduced in recent years, certain holdings continue to draw attention.
One example is Evolution, which supplies casino content to operators targeted by Norwegian authorities with DNS blocking.
At the same time, recent debate around the Oil Fund has focused more on companies linked to geopolitical conflicts — particularly firms that may profit from war. It is worth noting that the GPFG does not invest based on foreign policy objectives. As a result, the Oil Fund has previously owned shares in companies the Norwegian Gambling Authority has actively pursued in the domestic market.
How Much of the Oil Fund Is Invested in Gambling?
Total investment in gambling and iGaming:
USD 3,246,707,536Total value of the GPFG:
USD 1,941,071,971,596Share invested in iGaming:
0.167%
In practical terms, roughly one out of every 600 dollars in the Oil Fund is placed in the global gambling industry. The percentage is modest, but the absolute amount is still more than USD 3 billion, or around NOK 35 billion.
This means the Norwegian state — whether intentionally or not — plays an active financial role in an industry it restricts domestically.
The Council on Ethics Was Asked to Review Gambling Stocks in 2025
In late 2024, the Oil Fund’s watchdog was asked to assess several industries, including gambling, to determine whether they fall within the GPFG’s ethical framework. The Council publishes a list of excluded companies, and no gambling operators are currently barred.
A government-appointed committee is scheduled to redefine the Council on Ethics’ mandate by October 15, 2026. Several political parties have argued for using the Oil Fund more directly as a political tool — a discussion likely to intensify as the review continues.
What This Means for Norway
Norway’s strict stance on gambling at home stands in clear contrast to its global investment strategy. Whether this contradiction becomes a political issue or simply remains part of managing one of the world’s largest sovereign wealth funds is still an open question. But the numbers make one thing clear: the state’s financial footprint in the gambling industry is far larger than most Norwegians realise.
