[Greg J]

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But when people have the access to wager thousands of dollars at the click of a button without feeling the pain of actually handing someone out cash, it's completely different and much more dangerous.

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I don't agree with this logic at all. You could make the same argument about casino chips. When people are wagering tokens that they bought it does not strike the same psychological chord as handing out cash money. I think most people know what they are doing when they click the mouse saying "bet $5" or whatever. Hell they even get to read what they are doing!

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Sure the sharks would feast but this would be very dangerous to our society and economy.

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I do understand potential negative consequences for society and economy, and they have logical and and defensible arguments (many of which I don't agree with fwiw). The thing about regulating human behavior is that it does not work all that well most of the time. Prohibition and the current "war on drugs" are fine examples. Online gambling will probably not ruin our society -- European countries are still doing okay last time I checked.