Comment by littlecranky67
16 minutes ago
The genie is out of the bottle. Crypto-only underground prediction markets will always exist. I think it is better to heavily regulate legal options instead of pushing them underground. That didnt work for drugs or prostitution, and it wont work for gambling.
Except it generally worked for gambling for a very very long time. The existence of a black market does not mean something should be legal. Human trafficking happens, but that doesn't mean we should legalize and tax it. (extreme example I realize, but I use it to illustrate a point)
Pushing it to black markets takes away the possibility of heavy regulation (which absolutely should be in place), and stigmatises victims (gamblers), making it harder to come clean to friends and family. I agree with your assesment that no one should even start to gamble, I just doubt that declaring it illegal will achieve that.