KSA fines EOD Code SRL a record €37 million for unlicensed gambling in the Netherlands

The Netherlands Gambling Authority (KSA) has hit EOD Code SRL with its largest-ever fine after finding the company ran unlicensed online gambling sites targeting Dutch players. For PSPs and acquirers, the details matter: the case combines blocked licensing, weak age checks, and cryptocurrency acceptance, which is exactly the sort of pattern that tends to raise payment and AML risk flags.

1. The KSA said EOD Code SRL operated a network of more than a dozen gambling websites, including Instantcasino, Skyhills, Slotmonster, Betiro, Betblast, Fastslots, Goldenpanda, Sambaslots, Winningz, Incognitocasino, Foxygold, and Luckypays. The regulator said these platforms were accessible to users in the Netherlands despite the operator not holding a valid Dutch licence.
2. Inspectors confirmed that bets could be placed from within the Netherlands on several of the sites. Under Dutch gambling rules, licensed operators are required to block Dutch users from accessing unlicensed gambling services, so this was not a theoretical compliance issue but a direct breach the regulator could test and verify.
3. The KSA also cited inadequate and unclear age verification procedures on many of the websites. That matters because the regulator framed underage gambling as a live issue in the Netherlands, with politician Meryam Sümer of the Christian Democratic Party earlier this year calling for the minimum legal age for online gambling to be raised from 18 to 24.
4. Another aggravating factor was payment acceptance: the sites allowed cryptocurrencies and other anonymous payment methods. The KSA said that increases money laundering risk and makes it harder to enforce consumer protection standards, which is exactly the kind of payment stack detail that attracts attention from regulators even when the headline issue is licensing.
5. Under Dutch gambling law, the KSA can issue fixed administrative fines or revenue-based fines when illegal turnover warrants a higher penalty. In this case, the regulator said EOD Code’s income from Dutch bettors justified a sanction linked to revenue, resulting in a €37 million fine — the highest the KSA has imposed so far for unauthorised gambling activity.

The regulator’s messaging is pretty straightforward: if a site is taking Dutch players without a licence, and the payment flows include crypto or other anonymous channels, the case is going to look less like a minor compliance lapse and more like a full-stack enforcement problem.