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His analogy is a poker table at which the weaker participants sustain the game. If those players disappear, the fourth-best professional at the table can suddenly become a loser because only the three strongest remain.

The US addressable market is vastly larger and customer recruitment remains strong. Marantelli says Kalshi increased its number of clients fivefold during the World Cup, while White Swan predicts that NFL prediction markets could generate between $5 billion and $7 billion of liability in a single week.

But he acknowledges the possibility that faster customer losses could eventually test the sustainability of the model.

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What is Thai Hilo?

Van Dijk also voiced his opinion that all gambling advertising should be banned, including for lotteries and land-based casinos.

He also questioned the government’s involvement with the state-owned entities Holland Casino and Nederlandse Loterij, especially in its assessment on how to limit gambling harms.

Holland Casino CEO Petra de Ruiter last week told iGB that she was proud of the player protection efforts in place across Holland Casino’s products.