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bunchanumbers said:

More than likely MS would get a cut and valve would split it with MS. Think about it. Lets say its a  50/50 split. MS gets sales that they otherwise wouldn't get from Steam, and Valve gets into a console market they never had access to before. Both win.

But what would stop you from going on Steam on PC/Mobile/Anything with an internet connection and buying your games through steams website, Microsoft wouldn't get a cut from that.