Things are looking worse for EA and SWB2. The physical sales in UK were down 60% from SWB1, but remember EA implied sell-in is equal. Belgium just came out today ruling that loot boxes are gambling and they'll be taking this further with the EU. At least one or two other EU countries are seriously looking at it. Also Hawaii came out today saying they're looking into legislation, specifically calling out EA and SWB2 as an "online casino", also saying they're talking to other States about the issue. This is potentially bigger than just SWB2's sell-through. MTX are a huge, huge part of EA's profits. If you consider Ultimate Team's $832M revenue to have a 100% profit margin, and add in some contribution from other games, then almost $900M of EA's $1,224M operating income is from these loot boxes.

Ultimately, I don't think much will change. China and Korea already have laws in place and Blizzard promptly circumvented them. The main damage short term is perception of what could happen with loot boxes, plus concern about gamer backlash which we may be seeing with SWB2. Longer term, I think EA and others will just get better at hiding the monetization levers, probably with no change to income.