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“They’re different costumes on gambling,” he said. “Some have high heels and a tiara and others have on miniskirts or a bikini.”
Asked by Hall on how Texas should proceed moving forward, York advised that the state should seek an order that would require prediction markets to geofence their platforms from operating statewide. York also prefers the pursuit of litigation against prediction markets in state court, rather than the federal circuit, where state attorney generals have been less successful.
“Prediction markets think they can mess with Texas,” York said. “I hope you prove them wrong.”
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Madsen is clear that Trace2Trace does not shut websites down. Instead it tracks domains, identifies connections and documents changes so that regulators, enforcement authorities or other customers can use the information.
That distinction also informs his view of the wider battle. Asked whether illegal gambling can actually be defeated, his answer is: “No, but you can make it very difficult for them.”
The objective, he argues, is to make it harder for operators to simply replace a blocked domain with another one. “If they knew there was a tool that would find those new sites as well, they might become more cautious.”
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Kevin O’Neal, a DOCV board member, argued the scale of the investigation calls the GGL’s broader black market estimates into question. He cited the regulator’s 2025 activity report, which put the 2024 share at 23% (€547 million in gross gaming revenue), against Nielsen data suggesting a share of around 56%.
The trade body has long been critical over the discrepancy between channelisation estimates made by the regulator, and other independent reviewers.
The DOCV reinforced its calls for a unified federal licensing regime for online casino games and stronger enforcement mechanisms against illegal operators.
