Sports betting is way too easy to use and thanks to the "skill" part it tricks people into thinking they have even more chances. Turns out those are chances to lose even more money.
Unlike your example of drug use, AFAIK there are no studies saying the same effect happens for sports betting, or even betting in general.
This for me is all pointless. We're arguing about something that does not improve society in any shape or form. The typical argument "we've been gambling since forever" doesn't cut it. We've also been murdering since forever, and both are still a net negative in society.
If we really need this silly vice, then lock it down. We can't allow this free-for-all where everything is sponsored by betting with money straight from the pockets of addicts, kids are getting addicted with loot boxes and the only ones that profit are the few middlemen that are morally corrupt enough to go into this business.