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“People will lose money faster on exchanges for lots of reasons,” Marantelli says. “It inherently increases spend, volatility, lots of things. And you’re playing against a sharper audience than you’re playing against at the DraftKings sportsbook.”
He compares the effect with sportsbook cash-out features, which gave customers more apparent control over their bets but may also have encouraged greater spending. The crucial difference is that an exchange customer can be facing a specialist whose entire business is identifying inaccurately priced contracts.
Kendrick sees a warning in the history of betting exchanges. In their early growth phase, there was sufficient retail liquidity for numerous market makers to profit. As that retail pool weakened, the sharper firms increasingly found themselves trading against one another.
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The Commerce Department has jurisdiction over the USPTO, meaning Lutnick is the boss of the USPTO Director John Squires. Squires, who became 60th director of the USPTO a year ago, has been publicly effusive in his praise of Lutnick.
More relevant to DraftKings is the fact that under his leadership, the patent office has moved to significantly limit access to the Patent Trial and Appeal Board (PTAB) – the very board to which the gaming company is appealing in an effort to have the Cantor patent annulled.
Both Squires and his predecessor, Coke Morgan Stewart, made it harder for filers to get in front of the PTAB, typically citing patent ages or court rulings.
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For the first half of 2026, lottery and land based gaming generated €317.9 million in gross gaming revenue, remainin flat compared with H1 2025.
Lottery games contributed €254.5 million, up from €246.1 million, bolstered by a 9.1% increase in digital lottery revenue propelled by the Veikkaus app and product launches such as Milli (launched June 2025).
Revenue from slot machines and physical table games declined to €63.4 million from €71.3 million, primarily due to a reduced retail network and fewer slot machines.