Don't forget the children that don't eat, or miss out on a lot of opportunities because dad spend the money on whatever his version of a horse race happens to be.
I gambling should be restricted to private in person bets, between parties and it should be illegal to profit directly from any sort of book making or facilitation of gambling activities.
So if you and buddy you invited over to watch the game want to bet on the outcome with each other - legal
If you and some friends go the saloon/moose lodge and have a poker game at the table, while you order drinks - legal.
If the saloon charges you specifically for gambling use of the table, vs just requiring you buy a drink - not legal.
If the saloon wants a cut of the gambling - not legal.
Market making is fine too, options etc on a commodity, and insurance - just fine, but there should have to be an underlying commodity that is actually being traded, or real property that is either impaired or not impaired in the life of the contract. An "event" alone is not a commodity. I can't sell you the results of presidential election (or if I can other things are very wrong). The idea these prediction markets are not 'gambling' is a farce. This judge is bonkers, and I hope this is over turned.