Dutch Regulator Fines Instantcasino Operator a Record €37 Million

The fine for EOD Code would have topped €290 million without a legal cap. The company ignored an earlier order and every request for figures, so the regulator estimated its revenue from Google searches.

Francis Gable

23/10/26 · 2 minOctober 23, 2026 · 2 min read

The Netherlands Gaming Authority (KSA) has fined EOD Code, the company behind Instantcasino and Skyhills, a record €37.25 million (about $44.7 million) for serving Dutch players without a license. The regulator announced the fine on Oct. 22.

It is the largest fine the KSA has imposed on an illegal operator, above the €24.8 million it gave Qbet's operator Novatech in March. It could have been far larger. The regulator first calculated a fine of €292.6 million, then cut it to the legal ceiling of 10% of the company's estimated worldwide revenue, according to the decision.

Inspectors Played From the Netherlands

KSA inspectors opened accounts on Instantcasino, deposited €20 in bitcoin and played on visits from November 2024 to July 2026, the decision says. Nothing blocked Dutch players, and sign-up forms pre-filled "The Netherlands" and the +31 phone code.

Checks in 2025 and 2026 found 11 more EOD Code sites open to Dutch players, including Slotmonster, Goldenpanda and Luckypays. Several took payment through Dutch banks, and Dutch influencers promoted Skyhills.

The regulator raised the fine for aggravating factors, including no visible age check, crypto deposits and a €5 monthly fee on accounts left idle for more than a year. The site's terms also let the company keep the balance of any player who asked to be permanently self-excluded.

EOD Code Ignored Every Request

EOD Code did not answer when the KSA asked for its revenue figures in May. So the regulator estimated revenue from Google search volume. It put the company's 2025 Dutch gross gaming revenue, the money players lost, at €108.4 million.

The company's website says it is registered in Costa Rica. It also ignored a 2025 order to stop, and the KSA moved in December 2025 to collect the €840,000 in penalty payments that order triggered. Offshore operators like this one often do not pay, the regulator told Dutch broadcaster NOS.

The penalty lands a month after the KSA renewed bet365's Dutch license. EOD Code has six weeks from the decision's Oct. 7 dispatch, until mid-November, to object or pay before interest accrues.

Treat gambling as entertainment you pay for. 18+, and if it stops feeling like entertainment, help exists at BeGambleAware and GamCare.