The Virtual Coin Gaming NV fined a total amount of €600,000 (£540,000) by the KSA, the Dutch Gambling Authority. The gambling company faced this punishment because without a license, they were offering wagering to the Dutch players, and through an investigation, the authority found this. Virtual Coin Gaming directly got the punishment of a fine of €500,000 issued by KSA. The punished company become based on the Dutch Caribbean Curacao gambling hub.
Unlicensed Gambling of Curacao Based Business
Via the websites www.futgalaxy.nl and nl.futgamer.com, the operators offered illegal gambling games and found that the operators issued the fine. The main target of illegal online games were the Dutch customers.
According to the KSA, young adults or minors took part in the games of chance. Each theme developed around a card game and FIFA Ultimate Team, and the video game series EA sports Fifa banned in the Netherlands.
The regulators said that it prioritizes the enforcement action against the unlicensed operators, especially the operators who target the Dutch consumers.
The websites target the Dutch customers, and it completely cleared through the website extension dot.nl and the Dutch language and use of Dutch payment system iDEAL, it said.
The KSA pointed out that, with offering various game of chance it violates the regulations. If a license granted to online gambling only, it would contribute to wagering, but the company violates the rules.
The Netherlands currently prohibits online gambling, it said. And applying for the license of online gambling is now impossible using this law.
In 2021, when the Remote Gambling Act Comes into force, the law will change, and Under strict conditions, online permits will make available. The strict regulations will call for the operator’s supervision and the player protections provision.
This year, on 1 March, the online gaming jurisdictions regulation is expected to come into force. Initially, for July 2020, the law was scheduled, but it to 1 January, it subsequently delayed. Due to the causes of the novel coronavirus pandemic, towards March, the date pushed back. In October, the detailed license application process set, including the regulation of rules for the operators.