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And Valve gets a cut in all of those scenarios. It’s a convenient monopoly as long as you don’t look into how much Valve benefits from this.
They only get a cut from games sold through Steam IIRC. Devs can create their own keys for free and sell them outside of Steam, with the stupulation that they don’t undercut Steam. I don’t know how rival stores work though (e.g. does Steam get a cut of Humble Bundles?).
