Is standardizing and taxing a ‘recreational activity’ less harmful than the current standard of harm (high) and addiction (high) like alcohol and tobacco that people are going to find a way to do anyway a bad idea? No.
Mistake for who? I'm pretty sure the people raking it in by owning sportsbooks still think it was a pretty good idea.
I don't get how you can write off gambling losses but not speculating on stocks (wash rule). But I'm not a tax chache. I don't like the glorification of gambling. Mattress Mack and Tilman are sleazeballs not icons.
Fantasy Football + the internet + the invention of online payment systems basically turned into the monetization of Fantasy Football, which of course led to all sorts of other gambling sites and situations. It's crazy how mainstream it is now. Dedicated shows on espn, fox, radio, internet...it's everywhere.
Here's an idea. If you have kids, you are allowed to list them as a deduction for your taxes, but if you have kids, you cannot write off gambling losses. Gambling loss tax deductions should be for single losers only, not parent losers.