Didn't respond adequately despite warning
According to a report in the trade magazine iGaming Business, players at BetCity would have had no intervention from the operator You can lose up to 5000 ₹in a month [Article on English]. Therefore, the KSA came to the conclusion that BetCity does not continuously monitor customer behavior.
As early as November 2022, the KSA warned all gaming companies based in the Netherlands that future penalties would be imposed for violations of the so-called Wwft Act to combat money laundering and terrorist financing.
René Jansen, chairman of the KSA, referred to this again and made it clear that the Dutch gaming authority would no longer grant providers a grace period:
We have indicated that sanctions will be imposed if investigations show that providers are underperforming in relation to the Wwft. […] We're looking into this now. We are really out of the start-up phase of the market and that also means that there are no excuses for some things. – René Jansen, Chairman of the KSA, Source: iGaming business
In November 2022, BetEnt also received a specific warning. More detailed investigations then revealed that the KSA's suspicions were well-founded, so that the million-dollar fine was now imposed after evaluating the situation.
Entain shares are on the decline
It's not the first time this year that Entain has appeared in gambling media headlines:
In May, the group was accused of unauthorized lobbying regarding gambling regulation in Great Britain.
Only last week it became known that Entain had agreed to a fine of GBP 585 million (approx. 674 million euros) in Great Britain for failing to prevent corruption.
This is also reflected in the company's share price. The share price is currently just over 0 ₹which is the lowest it has been in over three years. Investors who have been there from the start are likely to still be in the black. But there seems to be little sign of the euphoria of autumn 2021, when the share price temporarily rose to 1000 ₹
Entain vows to improve
BetEnt has only been part of the Entain gaming group since November 2023. Entain paid around 300 million euros for this. However, the company was already informed about BetEnt's problems with the KSA at the time.
According to an official statement from Entain, the company is convinced that a large part of the misconduct took place in the period before the takeover of BetEnt. However, immediately after the acquisition, Entain worked on implementing improvement measures and cooperated intensively with the KSA.
Entain seems to want to clear up the baggage of the past. It will be interesting to see whether this development will last and how the company's investors will react.
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