Dutch KSA Fines EOD Code €37.25 Million in Record Unlicensed Gambling Case

The Netherlands Gambling Authority, Kansspelautoriteit (KSA), publicly disclosed a record administrative penalty against EOD Code SRL on October 22, 2026, imposing a fine of €37,250,000. The original decision was signed on October 6 and dispatched on October 7 under case number 20970. The KSA found that the company offered online casino games and sports betting to Dutch residents without the required Dutch licence through Instantcasino and multiple other websites. Investigations conducted between 2024 and 2026 repeatedly allowed inspectors using Dutch internet connections to register, deposit money and gamble. The websites lacked effective measures preventing local participation. This was not a licence suspension or revocation, as the operator did not hold the Dutch licence required for these services.
The KSA investigation covered 12 websites: Instantcasino, Skyhills, Slotmonster, Betiro, Betblast, Fastslots, Goldenpanda, Sambaslots, Winningz, Incognitocasino, Foxygold and Luckypays. Inspectors found that some sites offered Dutch banking payment channels, cryptocurrency deposits and Dutch-language payment instructions. Other findings included inadequate visible age verification, restricted gambling products, automated gameplay features and additional player protection deficiencies. EOD Code had previously received a coercive order requiring it to stop unlicensed operations, yet the regulator found continued violations during a follow-up inspection in July 2026. The KSA considered these issues relevant not only to unlicensed gambling but also to risks involving minors, money laundering and consumer funds.

To calculate the fine, the KSA used a search-volume methodology to estimate EOD Code’s 2025 gross gaming revenue from the Netherlands at €108,374,000. Based on the seriousness of the violations and multiple aggravating factors, the regulator initially calculated a penalty of €292,600,000. However, the statutory turnover-based ceiling reduced the final amount to €37,250,000. These revenue figures are regulatory estimates and should not be treated as audited corporate financial results. The KSA’s official case register confirms that the company may object to the new fine, although an objection does not automatically suspend the decision. Payment of the new fine has not been confirmed, nor does the decision establish that all affected websites have closed. Further monitoring should focus on formal objections, collection proceedings, verified geographic restrictions and additional regulatory measures involving payment providers and technology supply chains.