Polymarket receives warning from Ksa

(PRESS RELEASE) -- The Netherlands Gambling Authority (Ksa) has imposed a penalty on Adventure One QSS Inc. for illegal gambling. Adventure One offers games of chance on the Dutch market under the Polymarket brand name, without a license. The Ksa has called on Polymarket to cease its activities immediately. If it fails to do so, the company will be fined €420,000 per week, with a maximum of €840,000.

Polymarket has been frequently in the news in recent months, particularly regarding betting on the Dutch elections. Although Polymarket itself states that prediction markets do not fall under the category of gambling, the Netherlands Gambling Authority (Ksa) has taken a different stance. After contacting the company about its illegal activities on the Dutch market, there has been no visible change, and the offering remains available. The Netherlands Gambling Authority is therefore now imposing this order, subject to a penalty. A turnover-related fine may also be imposed at a later date.

Ella Seijsener, director of licensing and supervision at the Netherlands Gambling Authority (Ksa): "Prediction markets are on the rise, including in the Netherlands. These types of companies offer bets that are not permitted in our market under any circumstances, not even by license holders. Besides the social risks of these kinds of predictions (for example, the potential influence on elections), we conclude that this constitutes illegal gambling. Anyone without a Ksa license has no business in our market. This also applies to these new gambling platforms."