Polymarket faces possible fines in the Netherlands
The Dutch regulator considers its product to be an illegal gambling offering.
The Netherlands.- The Dutch gambling regulator Kansspelautoriteit (KSA) has imposed a penalty on Polymarket operator Adventure One QSS. It says Adventure One has been offering illegal gambling on the Dutch market under the Polymarket brand name without a licence.
The KSA has called on Polymarket to cease its activities immediately. If it fails to do so, the company will be fined €420,000 per week, with a maximum of €840,000.
Polymarket has been frequently in the news in the Netherlands in recent months, particularly regarding betting on the Dutch elections. Although Polymarket tries to claim that prediction markets do not fall under the category of gambling, the KSA disagrees.
The regulator said it had already contacted the company about its activities on the Dutch market but had seen no visible change, with its offering still available in the country at the time of the warning. It’s therefore issued a penalty order and warned that turnover-based fine may also be imposed at a later date.
Ella Seijsener, director of licensing and supervision at the KSA said: “Prediction markets are on the rise, including in the Netherlands. These types of companies offer bets that are not permitted in our market under any circumstances, not even by licence holders. Besides the social risks of these kinds of predictions (for example, the potential influence on elections), we conclude that this constitutes illegal gambling.
“Anyone without a KSA license has no business in our market. This also applies to these new gambling platforms.”
Polymarket has already been banned or blocked in several European countries, including France, Belgium and Romania.
