Well on one hand you have public money that have to be dispensed with fairness and in an accountable manner, on the other hand you have a random guy and his friends playing bets with their spare millions of dollars.

It's clear that there has to be some bureaucracy. If anything because you might want to do some auditing in the future.

PG and friends mostly spend their own money and they're free to do as they please, follow instinct or whatever.

You can't do that (thank god) with public money.