Burning Dice

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Liquidity can consequently become self-reinforcing. Market makers gravitate towards platforms offering dependable technology and substantial order flow, while their participation improves pricing and execution for consumers.

Sahil Patel, founder of competitive intelligence provider Aldrin AI, said those relationships help explain Kalshi’s position.

“A lot of market makers want to go where there’s liquidity,” he said, adding that platform stability and Kalshi’s investment in the financial side of its market-maker relationships were also important. “I think Kalshi is a freight train that’s just kind of running away with it.”

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Cirsa has followed an aggressive acquisition strategy in recent years, most recently entering the land-based casino market in Portugal by acquiring a majority stake in Sociedade Figueira Praia, S.A., the owner and operator of Casino Figueira.

Prior to that, Cirsa entered the Paraguay market through an acquisition of the online slots operator Slots del Sol, while it also acquired the leading Peruvian operator Apuesta Total in 2024.

As of June 2025, the company had completed over 130 acquisitions since 2015.

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Replacing Miller as treasurer is Ian Angus, director of policy at the UK Gambling Commission where, since 2020, he has been closely engaged in policy development. This includes the Gambling Act white paper and its recommendations on financial risk assessments.

His appointment signals a continuation of UK influence within GREF, even as the Gambling Commission undergoes personnel changes. Ruth Evans was named the new Gambling Commission chair, taking over from Charles Counsell after over a year in the position.

In addition, Olivia Petit has been appointed as board secretary of GREF. Petit is an associate professor at KEDGE Business School, where her research specialises in consumer behaviour in digital environments and emerging technologies.