Ksa Hits EOD Code With Record €37m Fine Over 12 Casinos

The Netherlands Gambling Authority has fined EOD Code SRL €37 million. The company ran twelve online casinos without a Dutch licence. Kansspelautoriteit announced the penalty on 22 October 2026, and it's the largest fine the regulator has ever handed down for illegal gambling. It also wasn't calculated from the standard tables.

Instead, the Ksa set the amount against an estimate of what EOD Code earned from Dutch players. Under its normal fining policy the regulator starts from fixed base sums. This time it concluded those sums would be out of proportion to the revenue involved, so it used its power to attach the penalty to turnover. The regulator called it the highest fine it has imposed for an illegal offering to date. That raises the ceiling again after the €25 million Novatech penalty earlier this year, which had been the record at the time.

EOD Code says it is registered in Costa Rica. The Ksa traced twelve brands back to the operator, all of them taking Dutch customers without a licence. Instantcasino was the entry point. From there the investigation widened to Skyhills, Slotmonster, Betiro, Fastslots, Goldenpanda, Winningz and five more sites in the same network.

Ksa staff signed up and played on several of the sites themselves. None of the brands had measures in place to block players based in the Netherlands. The regulator also listed aggravating factors: no visible age checks anywhere, and crypto alongside other anonymous payment options. Those, the Ksa says, make money laundering easier.

Before the fine landed, EOD Code had already been hit with an order subject to penalty payments over the same offering. That's the usual sequence in Dutch enforcement. A binding instruction comes first, with periodic penalties accruing for as long as the breach continues, then a punitive fine on top.

The Dutch market has been regulated since October 2021, and the black market hasn't gone away. Last year the Ksa estimated that more money is spent with illegal operators than with licensed ones. In August, broadcaster BNR reported that illegal sites were reaching people on the Cruks self-exclusion register through Facebook and Instagram ads. The cabinet proposed a ban on online gambling advertising and bonuses in June.

For affiliates, the twelve-brand list is the part worth reading twice. One operator running a dozen white-label skins means a single compliance failure can pull an entire portfolio of rev-share deals offline at once. Dutch-facing traffic sent to any of those domains is now firmly in the enforcement crosshairs.

Fines aren't the only tool. The Ksa says it works with payment providers, hosting companies, banks and the large tech platforms to cut off illegal operators at the infrastructure level. The full decision and its current status are published by the Kansspelautoriteit.