Stockholm-listed Kindred Group Plc has been fined €470,000 by the Netherlands Gambling Authority (KSA) in relation to breaching legislative terms set by the ‘1964 Gambling Act’.
Kindred said that the Dutch KSA has sanctioned the penalty to Malta-based trading subsidiary Trannel International Ltd for accepting wagers from Dutch customers in violation of 1964 Gambling Act regulatory provisions.
The European operator details that the KSA fine relates to a previous investigation undertaken by the authority prior to publishing its new framework, which will establish the market conditions of the long-awaited Netherlands ‘Remote Gambling Bill’.
Last February following two-and-half years of deliberation, the Dutch Senate approved the progress on the Remote Gambling Bill, which is set to replace the existing 1964 Gambling Act.
Publishing a regulatory timetable, a reformed KSA has stated that it is expecting to issue Dutch remote licenses by the first quarter 2021. Kindred has underlined its commitment to obtaining a licence on online sports betting and gaming as soon as the Dutch market opens.
“Kindred 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,” a statement read. “Kindred remains committed to having a constructive dialogue with the regulator and other stakeholders.
“While anticipating the establishment of a regulated online gambling market in 2021, Kindred aims to play a leading role in promoting Dutch gambling policy objectives, such as consumer protection. For instance, Kindred emphasises its ambition to reach zero per cent revenue from harmful gambling by 2023.”