They've been banned for generations. It's called gambling.
Of course, we all have to sit through another round of Silicon Valley pretending they've discovered some new exciting business model that's just vice.
Unlicensed gypsy cabs, SROs, shift work, patent medicines, narcotics dealing, customs fraud, and smuggling already had established market entrants I guess.
Gambling works and is normal in most of the world. No idea why the USA is puritanical about this. It's like the oldest business on the planet.
Er, I agree it's incredibly old, but also has been treated as societal ill and subject to regulation for its entire history.
Wanting to control the non-violent actions of others is also a social ill. Just one most haven’t woken up to yet.
You left out ponzi schemes, aka crypto.