LONDON SW QW, Sweden, Aug. 19, 2019 /PRNewswire/ -- Kindred Group has today received a penalty of EUR 470,000 from the Netherlands Gambling Authority (KSA) for accepting bets from Dutch customers based on the 1964 Gambling Act. The decision is in line with similar decisions issued by the KSA in the last 18 months.
Trannel International Ltd, a wholly owned subsidiary of Kindred Group (previously Unibet Group) has today been issued a penalty of EUR 470,000 by the Netherlands Gambling Authority (KSA) for accepting bets from Dutch customers. The decision by the KSA, which relates to investigations prior to the recently approved Remote Gambling Bill, is in line with similar actions taken by the regulator over the last 18 months towards other gambling operators.
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. 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.
The Dutch Senate approved the Remote Gambling Bill on 19 February 2019, which will replace the current Gambling Act from 1964. The KSA has stated that it is expecting to issue Dutch remote licenses in the first quarter 2021, and Kindred remains committed to obtaining a licence on online sports-betting and gaming as soon as the Dutch market opens. Learnings from previously re-regulated markets in Europe, most recently in Sweden, show that obtaining a high level of channelization from the outset is imperative to ensure a successful and functioning market with strong consumer protection.
Kindred has decided to appeal the KSA ruling while awaiting the secondary legislation from the Ministry of Justice and Security as well as the KSA's publication of the policy rules on license application and requirements to establish increased clarity on the licence application process.
This information is such that Kindred Group plc is required to disclose under the EU Regulation of Market Abuse, MAR.
For more information:
Alexander Westrell, Group Head of Communications
Investor Relations Officer
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
These press releases may also interest you