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Valve compares its loot boxes to Labubus in lawsuit defense
(arstechnica.com)
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I don't think they care if it's gambling or not.
They are trying to make the point that they shouldn't be targetted if other obvious known sources of illegal gambling are being actively ignored.
Either they need to go after everyone or no one. Since going after everyone is probably unlikely, targeting Valve for it would be unfair and may be dismissed.