Dutch gambling authorities have ordered U.S.-based website Polymarket to immediately cease all operations in the Netherlands, saying the company is operating gambling activity without a license. The site, which allows users to place bets on political events and global conflicts, faces a weekly fine of 420,000 euros [$498,000] if it continues to operate, up to a maximum of 840,000 euros [$996,000], announced Netherlands gambling regulator Kansspelautoriteit (Ksa). Heavier fines based on revenue could come next if the company does not comply, the regulator said.
Polymarket has been frequently in the news in the Netherlands 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 regulator has taken a different stance.
