The Kansspelautoriteit (KSA) published its collection decision on 16 June against Adventure One QSS Inc., Polymarket’s operator. The figure is far smaller than February’s headlines suggested, and the reason matters: the platform was not penalized for ignoring the regulator; rather, the issue is that it complied with the ruling one day too late.

The case began with a January order made public mid-February, in which the KSA found that Polymarket offered games of chance to Dutch users without a license, breaching the country’s Betting and Gaming Act. The trigger was betting on the October 2025 Dutch parliamentary elections, where users could reportedly stake tens of millions on political outcomes. Investigators confirmed Dutch residents could register, deposit euros through a local bank and wager on Dutch political markets.

The KSA ordered the platform to cease offering its services to Dutch residents within four weeks or face a €420,000 fine per week, capped at €840,000. Polymarket did stop as ordered, but only did so a day after the 17 February deadline – which was the same day the regulator ran its re-check and found bets could still be placed. Because of this, only a single weekly increment was forfeited automatically.

The penalty is not a fresh fine handed down on 16 June, nor proof that Polymarket kept trading in defiance of the order. The collection notice was sent on 19 May and made public this week, and Polymarket is contesting it. The company argues the KSA acted on a limited re-check carried out while its blocking measures were still being deployed, and that the regulator gave too little weight to the technical complexity of geofencing an entire country. Polymarket has run in “view-only” mode for Dutch users since February.

When the order was announced in February, the KSA’s director of licensing and supervision, Ella Seijsener, said such bets are not allowed on the Dutch market under any circumstances – not even for licensed operators – and pointed to social risks, including the possible influence of these markets on elections.

Polymarket and its ilk insist their contracts are financial instruments, a view backed by US regulators. European authorities are unconvinced, and the Netherlands has emerged as one of the strictest jurisdictions, forming part of a wider crackdown that includes a proposed advertising ban and a stream of fines against offshore operators.

The bill may not stop at €420,000, either. That sum is a coercive penalty for non-compliance; the KSA said in February it could still levy a separate punitive fine for the illegal offering itself, sized to the operator’s turnover, even though Polymarket has already left the market.

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