The Netherlands Gambling Authority (KSA) has levied a record fine of €37 million against EOD Code SRL due to its unlicensed gambling operations. This penalty marks the largest-ever fine imposed by the KSA. An investigation unveiled that the company was illegally providing its services to Dutch users without the required authorization.
KSA's inquiry revealed that EOD Code SRL managed a network of approximately 12 gaming websites, including Instantcasino, Skyhills, Slotmonster, Betiro, Betblast, Fastslots, Goldenpanda, Sambaslots, Winningz, Incognitocasino, Foxygold, and Luckypays. The critical issue here is that these sites allowed Dutch residents to place bets without holding a valid gaming license from the Netherlands, violating the country’s gambling laws.
Inspections by the KSA confirmed that wagers could be placed within Dutch territory, with many of the aforementioned websites facilitating this access to users in the Netherlands. Additionally, the authority found that some websites neglected necessary age verification measures, increasing the risk of underage gambling.
The operator was also reported to offer unauthorized payment methods, such as cryptocurrencies and other non-regulated channels, which KSA deemed to pose anti-money laundering (AML) risks. Under Dutch gambling laws, the KSA has the authority to impose financial penalties based on an operator's revenue, which reflects the severity of their illegal activities.
Ultimately, KSA concluded that EOD Code SRL’s unlawful operations had generated substantial revenue from the Netherlands, justifying the revenue-based fine. The €37 million penalty is a significant step in enforcing compliance within the gambling sector.
