Instant Casino Owner EOD Code SRL Receives Record Fine in the Netherlands for Illegal Gambling

The Dutch gambling regulator Kansspelautoriteit (KSA) has imposed a record €37.25 million fine on EOD Code SRL for offering online gambling to players in the Netherlands without a local license. The Costa Rica-registered company operates 12 casino brands, including Instant Casino, SkyHills, Slot Monster and Golden Panda.

The penalty is the largest ever issued by the KSA for illegal gambling services in the country. The regulator calculated that EOD Code could have faced a much higher fine of €292.6 million, but Dutch law limits such penalties to 10% of a company's annual worldwide turnover.

According to the KSA, the company failed to provide the financial information requested during the investigation. The regulator therefore estimated its revenue using Google search query volumes. Its calculations put EOD Code's gross gaming revenue (GGR) from Dutch players at approximately €108.4 million in 2025, with worldwide GGR reaching nearly €373 million.

How the KSA Calculated the Record Fine

The regulator's calculation included a base penalty equal to 100% of the estimated Dutch GGR, plus another 170 percentage points for aggravating circumstances. This brought the initial amount to €292.6 million.

However, the legal cap meant that the final penalty could not exceed 10% of EOD Code's worldwide revenue for the previous year. The KSA consequently reduced the amount to €37.25 million.

The regulator's investigation covered 12 websites operated by the company. Its employees were able to register accounts and play games while accessing the services from the Netherlands, demonstrating that the sites accepted customers in the country despite lacking the required license.

The brands associated with EOD Code include Instant Casino, SkyHills, Slot Monster, Betiro, Betblast, Fast Slots, Golden Panda, Samba Slots, Winningz, Incognito Casino, Foxy Gold and Lucky Pays.

Player Protection Failures Added to the Case

The KSA identified several issues beyond the lack of a Dutch license. These included inadequate age verification, autoplay features, inactivity fees and terms that the regulator considered unfair to customers.

One particularly concerning condition concerned self-exclusion. According to the findings, the operator reserved the right to confiscate a customer's account balance if the player requested a permanent ban from gambling.

The regulator also raised concerns about payment methods that allowed users to deposit money anonymously, including cryptocurrencies, as well as limits on withdrawals over daily, weekly, and monthly periods. Another issue was the insufficient separation of customer funds, which could leave players exposed if the company became insolvent.

EOD Code Has Ignored Previous Enforcement Measures

The KSA has been pursuing EOD Code since November 2024. In July 2025, the regulator ordered the company to stop offering its services in the Netherlands. EOD Code failed to comply and accumulated the maximum €840,000 in penalty payments. The company has not responded to the regulator's letters, according to the KSA.

The regulator acknowledges that collecting large fines from offshore operators can be difficult, as companies based outside the country often do not pay them. Nevertheless, it says enforcement efforts will continue, including action involving payment providers, hosting companies, banks and major technology businesses.

EOD Code is also facing separate legal pressure over SkyHills. Dutch lottery operator Nederlandse Loterij demanded that the brand stop serving Dutch customers and announced plans to seek compensation for damages. CasinoNieuws reported that SkyHills subsequently became inaccessible to players in the Netherlands, while a website called SkyMountains appeared displaying SkyHills logos.

The previous record for a KSA fine belonged to Novatech Solutions N.V., the operator associated with Qbet and 55Bet. It received a €24.85 million penalty in March 2026. More recently, the KSA announced that LuckyGem could face a fine of up to €974,000 for operating in the Netherlands without a local license.

The latest case highlights the scale of the Dutch regulator's enforcement efforts against unlicensed online casinos, although whether it will recover the full amount from EOD Code remains uncertain.