A Curacao-licensed-based gambling site was serving the Dutch punters. It also did not take permission from the local authority, and for this reason, the gambling regulator of the Netherland has imposed a penalty of €600K.
Reasons for the penalty
Kansspelautoriteit (KSA) gambling regulatory body has announced €500k penalty on Virtual coin gaming. A Curacao-based firm named Virtual Coin Gaming NV is behind this. Studies have found that an individual who is not yet identified has been penalized with a €100k.
EA Sports’ video games related to FIFA are illegal according to the Dutch law, which was approved in 2019. But the site was continuously offering these types of games, keeping a link with EA Sports. Based on the eSports events taking the help of the FUT Coin as the virtual currency, the site was offering the betting.
It is also noted by the KSA that the penalty is in a greater amount as the regulatory bodies found the main customers of the site were mainly young adults and minors. Other violations were also found, which include the KSA grievance and the offer in the language services. They were taking the payment from the Dutch iDEAL processor with the employment of the .nl domain.
It is found that for a long time, KSA had assigned a great number of penalties on the operators who took the license from Curacao. It is found that the new understanding of the Curacao-licensed operators has a proven record. It is found that the penalty is given to increase the enforcement of the law. The long-delayed Remote Gambling Act (RGA) is scheduled to take effect on March 1. With the Dutch-licensed operators, it will launch on the first of September.
The Gaming in the Holland blog has been reported that the entry of the RGA can be delayed up to March 1. It may delay the push back of the online launch till October 1. The Dutch government will comment on this report soon.
According to the authorities, online betting sites must be under the rules and the regulations of the authority to make the best use of their time.