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After play, some looked to banks or regulatory bodies for oversight on total spend across platforms.
Within this shared model, there was a clear preference for personalised interventions over generic ones.
Tailored, behaviour-triggered messages were seen as more effective than generic warnings, but many participants simultaneously expressed mistrust towards operators collecting behavioural data.
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“People will lose money faster on exchanges for lots of reasons,” Marantelli says. “It inherently increases spend, volatility, lots of things. And you’re playing against a sharper audience than you’re playing against at the DraftKings sportsbook.”
He compares the effect with sportsbook cash-out features, which gave customers more apparent control over their bets but may also have encouraged greater spending. The crucial difference is that an exchange customer can be facing a specialist whose entire business is identifying inaccurately priced contracts.
Kendrick sees a warning in the history of betting exchanges. In their early growth phase, there was sufficient retail liquidity for numerous market makers to profit. As that retail pool weakened, the sharper firms increasingly found themselves trading against one another.
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HLTV corroborated this, highlighting its editorial tone as adult-oriented.
The ASA reviewed whether the ads were directed at under-18s through their placement or content. Its rules prohibit advertising through media where more than 25% of the audience is likely to be under 18.
While the audience data did not conclusively define the website’s age demographics, the regulator noted small percentages of under-18s in HLTV’s social channels but found the website’s content and presentation clearly targeted adults.
