Reshape the entire industry to be a decentralized/house-edge-free form, where any one player has a net 0% gain/loss outcome over time. Regulate what bets can be placed and their payouts so that winners win less amounts and losers lose less amounts (i.e. you don't get wiped out).
It will feel like gambling, but overtime is no different than coin flipping for lunch money with a coworker every day. Essentially math away the "house always wins" part.
Thus, your proposal might actually work, except what's in it for the rubes?