The prediction market’s Dutch arm, Adventure One, allegedly offered illegal bets, including on elections in the Netherlands.
The Netherlands Gambling Authority said it imposed a penalty on prediction markets platform Polymarket’s Dutch arm, Adventure One, for offering gambling to residents without a license.
In a Tuesday notice, Dutch authorities ordered the Polymarket company to “cease its activities immediately,” or face up to $990,000 in fines. According to authorities, Adventure One was in violation of Dutch law for offering illegal bets, including those on local elections, and the company had not responded to requests to address these activities.
”Prediction markets are on the rise, including in the Netherlands,” said the Netherlands Gambling Authority’s director of licensing and supervision, Ella Seijsener. “These types of companies offer bets that are not permitted in our market under any circumstances, not even by license holders.”
