While the Norwegian gambling monopoly is busy protecting their citizens from the evils of foreign online gambling, it seems like they have no qualms about accepting the profits generated by it.

This comes clear thanks to some figures published by the Norsk Poker Magasin. Norway's state pension fund, "The Oil Fund" as it's unofficially called, have been investing in four foreign gambling companies since 2006. The original investment of €38 million has grown to a nice €54 million in 4 years:

Ladbrokes 207 mill NOK
Paddy Power 143 mill NOK
Betsson 49.5 mill NOK
Unibet 34.5 mill NOK
(1 NOK = 0.124 €)

The state run Norsk Tipping have the gambling monopoly in Norway and advertising foreign online gambling is illegal. Recently the Norwegian parliament also passed a UIGEA-style law prohibiting banks from processing payments from Norway to foreign online gambling companies. The main arguments for upholding the monopoly are the usual from stopping children from playing to protecting the problem gamblers etc.

Lill-Tove Bergmo, director of the Norwegian association for problem gamblers, says she is very surprised and disappointed to hear how much the state pension fund has invested in foreign gambling companies and accuses them of having double standards.

Source: Norsk Poker Magasin.