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Monday, 21 June 2021 / Published in Dutch Gambling License

Dutch online gambling license

Dutch online gambling license- EM Group NL

The Netherlands Gaming Authority (Kansspelautoriteit/KSA) opened the local online gambling market in April 2021 developing a Dutch online gambling license.
If you are contemplating applying for this license, or have already started the procedure, and we would like to offer you our assistance in navigating the obligations of the KSA with regard to the separation of player funds.


THE CHALLENGE WHEN APPLYING FOR AN ONLINE GAMBLING LICENSE IN THE NETHERLAND

We are aware that operators run into the difficulty of meeting the obligation to legally separate player funds from the operator’s own risk baring capital. The KSA provided the following solutions in their application policies:

  1. to open a bank account with a Dutch licensed bank;

  2. to arrange for a banking guarantee with a Dutch licensed bank;

  3. to have a special foundation (Stichting Derdengelden in Dutch) administer the separation of funds;

  4. other.

As banks in the Netherlands are currently uncooperative to opening a bank account for online gambling companies, or to provide a banking guarantee due to their risk profile, the third option of a foundation is currently the most viable method to adhere to the KSA’s requirements of separating player funds. However, incorporating and maybe even more important, managing such a foundation in the Dutch legal landscape comes with its own difficulties as these foundations must, for instance, have independent directors.

This is where we can help.

How WE CAN assist with the setup of YOUR DUTCH ONLINE GAMING BUSINESS:

  • incorporate your own dedicated foundation;
  • provide independent directors;
  • provide an independent supervisory board members;
  • introduce you to a Dutch accountant;
  • open a bank account to connect your foundation to a Payment Services Provider;
  • make sure your foundation is fully compliant with Dutch laws, regulations and KSA obligations;
  • assist with any legal, corporate, tax, or financial questions;
  • we can be your team-on-the-ground with regards to communication with Dutch third-parties, and keep you
  • informed of the latest updates.

In short: we can make sure that you will be able to join your competitors in the Dutch license application procedure shortly.

HOW to get a Dutch online gambling license?

At this moment, the KSA has not issued specific guidelines on the exact modus operandi of the foundation and the financial procedures involved. However, according to our extensive research and talks with industry professionals, the following set-up will satisfy the KSA criteria:

  • we will provide you with a dedicated foundation in order to safeguard the player funds from your company’sfunds, adhering to all applicable regulatory and legal frameworks;
  • we will open a bank account for you to connect to a payment services provider (PsP);
  • on a weekly basis the PsP’s will settle the Net Gaming Revenue into your foundation’s bank account;
  • your foundation will receive, also on a weekly basis, the back-end reports of the operator indicating the totalplayer liability at that moment in time. The balance on the account of your foundation needs to be at least 110% of the value of the total player liability. This means that the operator either has to fund the foundation’s account within 24 hours, or the operator requests the foundation to settle the surplus;
  • the foundation will issue weekly confirmations to the operator that the funds it holds are at least 110% of the total player liability at that specific date. These confirmations can be shared with the KSA upon their request;
  • on a regular basis, an independent accountant audits the books of the foundation and issues a confirmation to both the operator and the Foundation stating that both parties uphold the terms of their agreement. This audit report can also be shared with the KSA upon their request;
  • in situations where there are sudden substantial increases of player liability amounts (such as with jackpots) the operator will have 48 hours to settle the necessary funds into the account of the Foundation.

Please note that the above is a suggested framework, variables of which can be adjusted according to your company’s needs.

WHY US?

  • we know your business: EM Group has over 15 years of experience in the world of online gambling. We have offices in Curaçao, Malta and Cyprus, where we assist both operators and Business to Business-companies with their regulatory local, gambling, and financial compliance requirements. We also assist in local license applications and day-to-day affairs such as executing payments, reviewing legal documentation, and provision of key functions;
  • we are part of a global group of companies with an established presence in the Netherlands, where our corporate services are regulated by De Nederlandsche Bank (DNB), providing us with great expertise when it comes to Dutch foundations and the Dutch corporate climate;
  • we are, according to our own market research, currently the only service provider in the Netherlands willing and able to provide these services for online gambling companies;
  • due to the regulated services we provide, your foundation will not become subject to financial regulation in the Netherlands, as we are exempt under the financial laws applicable in the Netherlands;
  • you will have a dedicated team available to you on a daily basis, assisting with all your foundation’s needs.

GET HELP FROM AN INDUSTRY EXPERT

EM-Group-Kees-Jan-Avis-Managing Director

Kees-Jan-Avis

If you have additional questions or would like to know more about how we can help you set up your Dutch online gambling business, get in touch with me!

Email: kees-jan.avis@the-emgroup.com

CONTACT KEES-JAN
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