Isn't this what crypto is? It's the same sort of thing. At least sport's betting does not seem to have the same level or magnitude of scamming or fraud compared to crypto.
It's sad but a big chunk of what people spend their time on nowadays whittles down to a bet. Sure crypto is one example, but you can easily find yourself in similarly scammy territory in more regulated markets. Where you live, how you live, even where you work is a bet on how much you think you're worth vs how much the market values your work. Where you stick your retirement funds is a bet hoping for a prosperous post-work life. A normal sequence of life is looking more like a series of bets, to me anyway. Maybe it was always like this, but people just didn't look at it that way quite as much?