The Netherlands Gambling Regulator KSA issued €37M fine, which considered as its largest imposed fine, against EOD Code SRL for unlicensed operations.
Aftern an investigation the KSA revealed that company’s unauthorised provision are availble to Dutch users illegaly.
The inquiry carried out by KSA demonstrated that EOD Code SRL has been managing a network of over around 12 gaming websites, which comprise sites like Instantcasino, Skyhills, Slotmonster, Betiro, Betblast, Fastslots, Goldenpanda, Sambaslots, Winningz, Incognitocasino, Foxygold and Luckypays.
The most important point to mention here is that these gaming sites offered an opportunity to Dutch residents to place bets without having a valid Dutch license from the operator which violates the gambling legislation of the country. KSA inspectors have also determined that bets can be placed from within the territory of Netherlands and that some of the above-mentioned websites were providing this opportunity to users in the Netherlands.
The regulatory body also identified violations related to the age verification process of users on operators’ websites. MAny of these websites didn’t undermine the underage gambling.
Unautorized payments methods, like cryptocurrency or other payment channels, were also found provided by the operator. KSA warned that these methods can cause AML risks.
According to Dutch gambling legislation, the KSA can impose monetary penalties based on the revenue of the operator, depending on the extent of their illegal operations.
In this instance the KSA came to the conclusion that the illegal activities of EOD Code had yielded significant revenues in and from Netherlands causing the authority to make a decision concerning a revenue- based fine. The fine amounting to €37 million is the highest amount imposed by KSA so far for unlicensed gambling activity.
