Ksa says prediction markets are illegal gambling
Dutch Gaming Authority Ksa (Kansspelautoriteit) has ordered Polymarket to cease its activities in the Netherlands immediately and is fining its owner, Adventure One QSS Inc., for illegal gambling offerings.
Adventure One offers games of chance on the Dutch market under the brand name Polymarket, without having a license for this. The Ksa has called on Polymarket to cease its activities immediately. If this does not happen, the company will be subject to a penalty of €420,000 per week, with a maximum of €840,000.
In recent months, Polymarket has been in the news frequently, especially around the bets on the Dutch elections. Although Polymarket itself indicates that prediction markets do not fall under the heading of games of chance, the Ksa has taken a different position on this. After contacting the company about the illegal activities on the Dutch market, no visible change has occurred and the offer is still available. The Gaming Authority is therefore now imposing this order subject to a penalty. In addition, a turnover-related fine can be imposed at a later date.
Ella Seijsener, director of licensing and supervision at the Ksa, said: “Prediction Markets are on the rise, also in the Netherlands. These types of companies offer bets that are not allowed on our market in any case, not even by license holders. In addition to the social dangers of this kind of prediction (for example, the possible influencing of elections), we note that this is illegal gambling. Those who do not have a permit from the Ksa have no business in our market. That also applies to these kinds of new gambling platforms.”
The post Dutch Gaming Authority Ksa makes stance clear on prediction markets with Polymarket order appeared first on G3 Newswire.
Ksa says prediction markets are illegal gambling Dutch Gaming Authority Ksa (Kansspelautoriteit) has ordered Polymarket to cease its activities in the Netherlands immediately and is fining its owner, Adventure One QSS Inc., for illegal gambling offerings. Adventure One offers games of chance on the Dutch market under the brand name Polymarket, without having a license…
The post Dutch Gaming Authority Ksa makes stance clear on prediction markets with Polymarket order appeared first on G3 Newswire.