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Marantelli says the London-based White Swan is a significant market maker on several secondary exchanges, accounting for as much as 40% of activity on some platforms. Its particular focus is the RFQ, parlay market.

“Just better margins,” he says of that decision. “I think it’s more defendable. It’s the area that fewer people can do well. So I think it’s more defendable margin, more ability to get long-term contracts and beneficial positions.”

Singles can be profitable, but parlay pricing requires the market maker to calculate the correlations between multiple outcomes and respond dynamically to individual requests. It is a skill set built over years in the sharper regions of the existing sports betting ecosystem.

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The first time I walked into an iGaming conference was daunting. I knew next to no-one in the industry and, as far as I knew, no one knew me. I was an outsider in every sense, representing an unknown product in an industry I believed would be resistant to change.

While this initially seemed terrifying, I quickly discovered that this outsider status was a gift. It has allowed me to view the industry through fresh eyes. I do not have any preconceptions about companies or products. This has become my superpower, allowing me to analyse the industry without bias and, hopefully, help shape its future.

iGaming was not the industry I set out to work in. Before 2021, I worked in finance and business – agro companies, management consultancy and investment funds, none of which were remotely linked to the industry.

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“You have to follow that chain,” Madsen says. In some cases, that chain can involve multiple layers. “A site might redirect ten times before reaching the actual destination.”

Madsen describes Trace2Trace as “a large search engine that continuously crawls websites”.

AI is used, but only towards the end of the process. First, the system gathers objective indicators; AI is then used to assess the overall pattern and probability of a connection. “We only provide evidence-based findings,” Madsen says. “We don’t say that something is a mirror site because we suspect it is. It is only reported when we are 100% confident there is a match.”