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“So that is the delta we have to close by delivering a better product and better operational intensity in our sports business.”

Bengtsson said momentum from the summer’s World Cup had continued into the second half of the year.

“The World Cup, as you know, is largely a customer acquisition opportunity, and it was also combined with a good turnover period for us,” he outlined. “Yes, that has continued.

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That window Scheinthal had hoped for seems to be moving further away. Caesars’ proxy filing showed that even during negotiations in the spring, Fertitta refused to go above its $31-per-share offer “due to higher financing costs and increased macroeconomic risks”. From the end of 2025 to late April of this year, higher borrowing costs had resulted in “approximately $40 million per year in additional costs from when the process started”, the filing said.

Diller, for his part, lodged an all-cash, $48.30-per-share offer for MGM days after the Caesars deal broke. People Inc. finished Q2 with $1.1 billion in cash, but between the 74% of shares it would acquire, as well as MGM’s long-term debt of over $6 billion, some level of financing would be required. MGM appointed an independent committee to review the bid but has said nothing since.

Moving forward, history suggests that this month’s rate hike might not be the last. During hawkish periods, the FOMC has paused after an initial rate hike just once since the 1990s, per the Wall Street Journal. Over that period, the US Central Bank has typically lifted rates six to seven times throughout an upward cycle. Warsh has signalled optimism in the economy’s stability moving forward.

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“I’m trying to address every stage: prevention, support for people who are already struggling, and then action against the illegal sites.”

He does not believe illegal gambling can simply be eliminated. But he believes it can be made harder to operate. That may be the more realistic role for companies such as Trace2Trace as the illegal market evolves: not replacing regulators or enforcement agencies, but providing the intelligence needed to see beyond the individual URL. For Madsen, the motivation remains deeply personal: “I know very well what gambling addiction can do to people.”

The emergence of his company along with a string of others reflects a growing need in the industry: as illegal operators become more adept at moving, cloning and disguising their online presence, enforcement may increasingly depend on understanding the deep workings of the networks behind the screen.