Gambling markets in everything?

Colonial Downs, which offers betting on horse races at 10 sites across
Virginia, is pushing for changes in state law so that it can offer a
new form of gambling, called historical racing, on which people wager
on horse races that have already taken place [emphasis added].

Sounds stupid, no?  On closer examination, the bets have the logical structure of otherwise-illegal slot machines:

In historical gambling, which is also called instant gaming,
customers would put as little as a nickel and as much as $5 into a
video terminal that resembles a slot machine.  The terminal randomly
selects a race from an archive of at least 10,000 previous horses races
from tracks around the country.  Customers review a graphic showing the
odds and statistics for each horse before deciding which one to bet on.

The
race appears on the monitor.  If the chosen horse wins, the patron will
receive a payout based on the odds, how much was bet and that day’s
purse.