A regulated market with licensing, KYC checks, and taxation โ like the UK's model โ would bring the massive underground betting economy into the open, generate real tax revenue, and give bettors actual legal protection against fixed odds and non-payment.
I feel like it'll just make more people go broke honestly, betting is betting whether it's legal or not, and once it's official everyone's uncle is going to be doing it on his phone during every over.