The problem isn't the 70M people who placed bets, its the ~25M with broken risk aversion.
These are mostly men, and a very specific type of men. You can try to curtail their access to gambling but we're missing the underlying problem.
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These are mostly men, and a very specific type of men. You can try to curtail their access to gambling but we're missing the underlying problem.
Using ideologically charged words like "corporate gambling" and "neoliberal origins" are fun ways to get the moral outrage going of market skeptics but they don't lead to good policy.
The boring answer is you need to look at how the owner of these instruments (since that's what most of these are) are making money. In the same way that a regulated exchange makes sure you're not dumping garbage onto order books, you need to make sure that the bets are fair and that there's generally positive EV. Prediction markets are a good example of this that isn't predatory but sports books are. Unfortunately this article, as is usual for most of the moral outrage genre, doesn't make this distinction.