KSA upholds €420,000 coercive fine against Polymarket in Netherlands

The KSA rejected objections by Adventure One QSS Inc., the company behind Polymarket, to an enforcement order over unlicensed gambling in the Netherlands. The regulator decided to collect a €420,000 coercive fine after finding that the order had been breached and the fine had not been paid.

The original order, issued on 20 January 2026 and published on 17 February, required Adventure One to stop offering unlicensed gambling to Dutch consumers and keep the activity suspended. The KSA set a coercive fine of €420,000 a week for non-compliance, up to €840,000. The regulator said the compliance deadline expired on 17 February, and an inspection the next day found the infringement had not ended. The KSA then notified the company that a coercive fine had been incurred.

In its decision dated 23 June 2026, the KSA rejected Adventure One's objections to the original order and its publication, and declared the objection to the fine notification inadmissible. The regulator found that Adventure One had breached a provision of the Dutch Gambling Act prohibiting unlicensed gambling offers. It found no breach of the duty to give reasons, the principle of due care or other principles of good administration, and said the original enforcement decisions were not disproportionate.

Polymarket operates a prediction market in which users trade on the outcomes of future events. The KSA's position is that an unlicensed product based on uncertain outcomes can fall under Dutch gambling law if consumers in the Netherlands can participate.

Adventure One can appeal the decision to an administrative court within the statutory period, but an appeal does not automatically suspend its effects, the KSA decision states.