Kindred Group's subsidiary penalised EUR470,000 by the Netherlands Gambling Authority.
M2 EQUITYBITES-August 20, 2019-Kindred Group's subsidiary penalised EUR470,000 by the Netherlands Gambling Authority
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Kindred Group AB (STO:KIND-SDB), an online gambling operator, announced on Monday that its wholly owned subsidiary Trannel International Ltd, has been given a penalty of EUR470,000 by the Netherlands Gambling Authority (KSA) for accepting bets from Dutch customers based on the 1964 Gambling Act.
Reportedly, this decision by the KSA, which relates to investigations prior to the recently approved Remote Gambling Bill, is in line with similar actions taken by the regulator over the last 18 months towards other gambling operators.
Kindred stated that it respects any requests from the Dutch regulator and is fully compliant with the rules set out by the Ministry of Justice and Security earlier this year. Kindred remains committed to having a constructive dialogue with the regulator and other stakeholders.
Also, Kindred said it has decided to appeal the KSA ruling while awaiting the secondary legislation from the Ministry of Justice and Security, as well as the KSA's publication of the policy rules on license application and requirements to establish increased clarity on the licence application process.
The Dutch Senate had approved the Remote Gambling Bill on 19 February 2019, which will replace the current Gambling Act from 1964. The KSA has stated that it is expecting to issue Dutch remote licenses in the first quarter 2021 and Kindred remains committed to obtaining a licence on online sports-betting and gaming as soon as the Dutch market opens.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Aug 20, 2019|
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