The real insanity is just gambling in Australia. As the article mentioned the people in the country have the highest losses to gambling anywhere in the world. This goes beyond sports betting, as that is just the latest thing, to poker machines (slot machines for you USA people) and other online gambling (cough Kick & related companies cough).
I am old enough to remember the introduction of poker machines in pubs and clubs here in Australia and it was always framed as a personal choice and government revenue source but all it did was result in money going from families to the big corporate "entertainment venue" operators (pub and club owners). I'd love it if Australia got rid of all gambling from normal parts of society and limited it to strictly regulated casinos (at most), but the gambling industry is so firmly entrenched in politics and society that I don't see any change happening soon