I think the pure cash model define them to be the same.
The pits assume that once the bet is compressed, the fulfillment is handed off to the unknown smart contract, the buyers and sellers are supposed to manage that outside of the pit.
But, innovations occur in the smart contracts, the pits are all about the innovations in fulfillment appearing as dis-entropies in the deposit.loan S&L graph. Someone figures out how to put nut to bolt better, they end up collecting coin and it appears in different lump probabilities in the deposits and loans. The S&L pit boss requants, it establishes a slightly different set of typical purchase sizes.
Pits that trade cash, S&L and Forex,still have transactions costs zero, but the unknown risk is simply that someone makes a better pit boss, or markets change, and the current pit unspawns. There is still the unpriced, unknown risk that defines smart contracts.
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