Like any market, those with knowledge and power systematically enrich themselves by extracting wealth from those without.

If sports betting should be banned because it exploits those without wealth or knowledge, then other markets with many naive participants should also be banned, such as markets for stocks and crypto.

Investment in equities is principally a non-zero-sum positive EV game motivated by rational expectations for preservation and growth of wealth.

The fact that some financial actors have very good sharpe ratios or dominate capture of trading profits on millisecond horizons isn’t a significant detriment to the larger good resulting from retail investment.