8 PUBLIC GAMING INTERNATIONAL • NOVEMBER/DECEMBER 2025 From the Publisher What an action-packed season its been. It began with the annual NASPL Conference & Trade-Show in Niagara Falls in early September. It was a fabulous event with congrats going to David Gale and Team NASPL and hosts Duncan Hannay and Team OLG for producing a wonderful show. It’s not the same as being there, but take a look at our 6-page photo collage (courtesy of NASPL and UptownMedia.ca). That event was followed by the EL Congress, held in Bern, Switzerland. The theme of EL Congress was Building a Better World. EL President Romana Girandon is a true champion of that vision — lotteries not only serving good causes, but of lotteries as active agents of societal progress, shaping communities and driving change far beyond the role of selling lottery tickets. And then we were so pleased to host you at PGRI Lottery Expo Nashville, and hope you enjoyed our time together as much as Susan and I did. Thank you to Rebecca Paul and Team Tennessee Lottery for co-hosting and all you did to make it a success. The presenters, moderators, and panelists all outdid themselves to produce a truly inspired experience. We’ll be posting the photo collages for PGRI and EL events in the January issue as well as the photos from two Lottery Industry Hall of Fame Induction ceremonies (the first at NASPL Niagara Falls and the second at EL Congress Bern). The Keynote speech delivered at the EL Congress was epochal in scope, timely for its urgent call to action amidst an erosion in social cohesion and fragility of democracy, and confident in the resiliency and resourcefulness of humanity. Reprinted here in its entirety, the Count Herman Van Rompuy, former Prime Minister of Belgium, speech affirms the essential social mission that lotteries play in restoring unity, resilience, and hope. The current trajectory of FDJ UNITED was set in 2014, when Stéphane Pallez became Chairwoman and CEO of La Française des Jeux. In our interview at the EL Congress, she traces FDJ’s evolution from operator of the world’s third-largest lottery into a diversified, forward-looking enterprise with a broad strategic mandate. What has not changed is the mission: serving society and delivering public value. What has changed is the way FDJ captures, organizes, and leverages the full potential of its assets— digital, retail, data, technology, partnerships, and public trust. This conversation offers a clear view into how a 21st-century lottery enterprise can integrate new capabilities, unlock untapped synergies, and create meaningful, sustainable value for shareholders, stakeholders, and the communities it serves. I spoke with Ray Bates at the EL Congress about the challenge of bulk-purchasing syndicates that buy out the remaining tickets of a game—essentially guaranteeing themselves a jackpot under the right conditions. I had assumed this issue was a recent development, but Ray reminded me that very little is truly new. He encountered the same scenario in Ireland more than 30 years ago. I asked him to share how he handled it, and the lessons remain relevant today. Thank you, Ray! In what universe is Predictive Markets anything other than betting? Predictionmarket operator Kalshi is rapidly blurring the line between derivatives trading and sports betting. Although not licensed as a sportsbook, Kalshi has filed multiple selfcertifications with the Commodity Futures Trading Commission (CFTC) seeking approval to list “contracts” that mirror classic betting markets—point spreads, totals, touchdowns, player props, etc. The numbers tell the real story: on one recent weekend, 98% of Kalshi’s trading volume was sportsrelated; over longer periods, estimates run near 80%. Kalshi frames its expansion as a response to “surging demand” for legal, federally regulated alternatives to the $84 billion illegal sports market. The company has already processed more than $2 billion in sports-related trading since launching those markets less than ten months ago. Several states, including New Jersey, Nevada, and Massachusetts, have issued cease-anddesist orders, arguing that Kalshi’s sports contracts are simply unlicensed gambling. Kalshi is now locked in multi-state litigation, asserting that federal oversight preempts state gambling laws and that dual compliance would be “impossible.” If Kalshi prevails, the implications could be seismic. The next question might be: why limit “derivatives trading” to sports betting? The controversy is spreading. Robinhood Derivatives has sued Massachusetts regulators over similar issues. Major gaming operators are eyeing the space: DraftKings is launching its app DraftKings Predictions, FanDuel and plans to launch a predictionmarkets app, PrizePicks has partnered with Polymarket, and even Trump Media intends to introduce event-contract trading. Regulators warn that prediction markets circumvent essential controls that should apply to all forms of gambling and betting: licensing, consumer protections, geolocation, and responsible-gaming safeguards. The core question being: if these contracts look like bets, act like bets, and attract bettors— why aren’t they regulated and otherwise treated as betting? Thank you to our editorial contributors. Simon Jaworski, Scientific Games, Brightstar Lottery, Intralot, Pollard Banknote, Abacus Lottery Everywhere are an invaluable resource whose willingness to share their R & D insights and their global experience is so appreciated! And thank you dear reader for your support. Susan and I hope to see you first in Barcelona, Jan. 20-23, for the EL/WLA Marketing Seminar and then at PGRI Smart-Tech Ft Lauderdale, March 10-12. Paul Jason, Publisher Public Gaming International Magazine
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