His debut for Ham-Kam came at an age of 16 years and 358 days, and he is among the youngest players ever in the Norwegian top division. In 1981 Jacobsen, scoring 16 goals, became top goalscorer in the Norwegian Premier League. At this date he was playing for Vålerenga. He scored 13 goals in 42 caps for the national team.
Haunted by a failed achilles tendon operation in 1985, he chose to finish his career in 1987.
Jacobsen currently works as an assistant coach for Ham-Kam, and as a freelance sports journalist in the local newspaper Hamar Arbeiderblad.