€37.25 MILLION. The biggest fine ever issued in the Netherlands for illegal gambling.
The Dutch regulator KSA fined EOD Code SRL for offering gambling services without a local license.
The investigation covered 12 websites, including Instant Casino, SkyHills, Slot Monster and Golden Panda. KSA staff were able to register and gamble from the Netherlands.
The company failed to provide financial records, so the regulator estimated its revenue using search data. The sites reportedly generated €108.4M in Dutch GGR in 2025, with €373M worldwide.
The calculated fine reached €292.6M, but Dutch law caps the penalty at 10% of annual global turnover. The final amount came to €37.25M.
The violations included missing age checks, autoplay, inactivity fees and unfair terms. In one case, the operator reserved the right to seize a player’s balance if they requested permanent self-exclusion.
A record fine. And a clear warning to unlicensed operators.