That goes for gambling, smoking, prostitution, drinking, drugs, et al.
Education, therapy and taxation are about the only things that have been shown to work reasonably (eg not spurring massive crime outcomes) to introduce effective limiting forces or properly respond to the consequences of excess.
Outlawing gambling is just as insane as outlawing alcohol, smoking, drug use.
The idea that governments may not be able to (completely?) protect people does not invalidate the the idea that people cannot protect themselves.