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Given that women account for nearly 60% of gaming customers in the US, Klebanow argues that Japan’s IRs should instead offer environments where this demographic feels “safe and comfortable”. The key lesson from pachinko, he concludes, is therefore “not to create gaming environments that mimic them”.

Ultimately Leckert remains positive on Japan’s IR opportunity. “Stringent regulation really supports a strong industry,” she says. “I don’t see those being at odds with one another, because it’s been done very successfully elsewhere.”

Japan’s ability to lure back the world’s biggest casino developers will hinge on the regulatory framework the government unveils later this year, says Klebanow.

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Prediction markets aside, the absence of crypto on a federal level may have some drag on the regulated industry, especially in the iGaming and sports betting space.

Younger patrons are increasingly familiar with crypto, but the lack of regulatory adoption in the regulated space can push bettors to offshore or unlicensed platforms, most of which do accept it. At the ICE Barcelona conference in 2025, a panel of international sports betting CEOs lamented the fact that they were barred from adopting crypto, while their black-market competitors were not.

A report released in June by payment provider Paysafe said the percentage of online sports bettors who dabble in crypto is 64%, more than double the US average of 30%. Crypto deposits are only legal in two states, Wyoming and Colorado, but crypto withdrawals are not legal anywhere – 85% of respondents said they would welcome withdrawals as an option, Paysafe said.

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Evolution subsequently sued Black Cube and has sought to hold Playtech accountable in the related defamation case.

This week, Spectrum Gaming released its Evolution-commissioned report, and Playtech has highlighted a number of claims from Black Cube’s investigation that have been corroborated in the report.

When asked his view on what will happen next, Weizer declined to comment, saying: “It’s very interesting. But as I’m sure you can understand, we are not going to answer any questions on litigation.