Nederland threatens Polymarket with €420K/week fines for unlicensed gambling
5 hours ago
- #Polymarket
- #prediction-markets
- #gambling-regulation
- Dutch gambling regulator Kansspelautoriteit (Ksa) orders Polymarket to cease operations in the Netherlands for unlicensed gambling.
- Polymarket faces weekly fines of €420K, up to €840K, with potential heavier revenue-based fines if non-compliance continues.
- The regulator disputes Polymarket's claim that prediction markets are not gambling, citing illegal activities and social risks.
- Dutch gamblers placed over $32M on elections via Polymarket, including $10M on PVV and $6M on D66.
- Ksa tested accessibility by placing a bet on D66 leader Rob Jetten, confirming Dutch users' easy access to the platform.
- Polymarket describes itself as the world's largest prediction market, arguing it generates more reliable forecasts than polls.
- Dutch law classifies betting on political or news events as gambling, regardless of the platform.
- Ksa director Ella Seijsener emphasizes that unlicensed operators, including new gambling platforms, have no place in the Dutch market.
- Polymarket has faced regulatory action in the U.S., including a $1.4M fine, and received investment from Donald Trump's son.
- The site also offers bets on international conflicts, drawing further scrutiny.