>bunch of people who don't know what's going on

Do you know why nobody outside the companies knows what's going on? Because they sell a black box with magic inside while steadfastly refusing to tell you if they are pushing buttons on said box while it is running.

Can you imagine how much fraud would exist in the gambling industry if the gambling commission didn't exist at all? Everytime an industry is unregulated and has high costs of entry the entities in the industry abuse their customers. The incentives are much too high for them not to.