You people are all missing the point. The issue is NOT whether sports gambling or casino gambling or gambling in the stock market are equivalent or not. That is redundant. The issue is do we want any of these options made illegal (that is Buffet's not so suttle recommendation)?
Personally, I believe most people that go to Vegas realize they are gonna lose, but they go anyway. Why is that? Two reasons. One - They all dream of hitting the big jackpot. They realize it's a pipedream, but it's still fun to think it could happen. Two - More importantly, though, they go for the ENTERTAINMENT!!! That's the key here. Gambling is ENTERTAINMENT. We expect to have to pay to be entertained. It's no different then going on a 10 day cruise. Only difference is someone that goes to Vegas has at least a tiny chance of coming back with money in his pocket - anyone coming back from a cruise is out several grand guaranteed.
For a minority of gamblers, however, casino gambling IS a tax on ignorance. But I say so what? Do we want to punish everyone who goes to Vegas to have a good time because some ninny spends his Social Security check on the slot machine every week? Would it do any good to close the casino, anyway? Closing the casino ain't gonna stop him from being stupid - he'll undoubtedly find a hundred other ways to blow it on something else.
When are we EVER gonna stop looking to the government to be our nanny - to tell us what is good for us and what isn't? Christ, are we ever gonna grow up and be responsible for ourselves? When are we gonna start letting other people make their own damn decisions, whether we approve of them or not? Are they ever gonna learn to make the right decisions if we are always making the decisions for them? Show me an irresponsible person, and I'll show you someone who has never had to face the consequences of his own decisions.