@sneeden the funny thing is the older casinos (the big names in Vegas and Macau, like Caesars and MGM) are actually pretty heavily regulated, they are all required to disclose their payback rate (the amount of money that gets returned per dollar gambled, usually 90% or more), get audited regularly to prevent blatant rigging, and regularly get fined for not doing strict enough AML procedures. The start-up era sites (draft kings, FanDuel) are also regulated but nowhere near as much. Sports betting is still illegal in many places all over the world, like about half the US.
All the crypto casinos (Stake, wherever BMJ was gambling before he got arrested yet again, Polymarket) can just do whatever they want and have only grown more bolder as regulators turn the other cheek. They don't have to disclose anything since most of them are headquartered in islands that will never regulate them. Even worse, the rise of the event contract has emboldened places to just allow gambling everywhere and on everything since they're nebulously regulated by the SEC's gimped younger brother, the CFTC (conveniently basically destroyed by Musk/Vought/Trump)
TL;DR deregulation plus infinite VC money equals everything is gambling now