For all known massive particles, the value of the magnetic dipole moment is different from zero. In contrast, photons in vacuum have no magnetic moment. Here, we describe experimental studies that show that light, when transmitted through a dense atomic medium under the conditions of electromagnetically induced transparency (EIT), can behave as if it has acquired a magnetic dipole moment. In the area of solid-state physics, such effective particle properties (e.g. effective masses) are well known. In our experiments, slow light passing through a rubidium gas cell is deflected when exposed to a magnetic field gradient. The beam deflection is proportional to the propagation time through the cell and can be understood by assuming that dark-state polaritons have a nonzero effective magnetic moment aligned collinearly to the optical propagation axis. In more recent experiments, we have studied different dark-state configurations. We observe EIT, slow group velocities and stored light in a transverse magnetic field configuration, where the moving magnetic dipole is directed orthogonal to the optical propagation axis. The latter can be used for further studies of the quasiparticle properties of dark-state polaritons.