Same goes for sport betting and yet here we are. People like to bet. They willingly bet on things they have guaranteed disadvantage on (casino games like roulette, slots etc.). People also drink pure poison (alcohol), smoke pure poison (cigarettes) and engage in brain dead activities like speeding and street racing.

Gambling should be judged as any other vice - people get something out of it (rush, hope, whatever) not by rational money allocation standards.