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The difference is all about the risk function. A sportsbook employs traders to price bets and manage its exposure. An exchange provides an API through which firms compete to quote prices and supply liquidity.

“Here’s an API. Bernard and 88 other people can market-make all these request-for-quotes (RFQs),” Marantelli says. “Some people might come in and just do esports because they’re esports experts. Others do everything. Some focus on same-game parlays. But it’s a sportsbook.”

The institutional layer is largely invisible to customers presented with a P2P proposition. Retail users may technically trade against one another, but the depth required by a mass-market product cannot be supplied by occasional customers alone. Professional firms must be prepared to quote continuously and commit substantial capital.

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Arbitrators found against the companies and ordered them to pay millions of dollars toward Laos’ legal costs and expenses.

One tribunal found in 2019 that Lao Holdings had acted in bad faith and ordered it to pay Laos $1.95 million. Another made a similar finding against Sanum and awarded the government $1.78 million.

A third arbitration produced another award worth nearly $1.3 million, taking the amount Laos is seeking to more than $5 million.

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Voluntary efforts have included Premier League football opting to ban front-of-shirt gambling sponsorships, as of the beginning of this current season. Although, branding remains on training kits, shirt sleeves and across stadium advertisements. 

The committee’s previous 2020 report had recommended banning gambling ads on team shirts, training kits, stadium advertising and broadcasts, although on-course advertising for horse and greyhound racing was exempt.

The report rejected argumentswarning that advertising restrictions would drive consumers to illicit gambling sites. They citied weak evidence for mass migration to illegal operators following advertising limits.