> Professional sport, especially at the elite level,
> is mostly about gambling these days.

Certainly true of horse-racing, as it is of poker (which I was told is "a silly game which doesn't make sense unless you're playing it for stakes which hurt").

After observing the phenomenon over the years, I have come to the conclusion that ownership of sporting teams has two main purposes:

*) It gives the owner something that makes a loss for tax reasons.

*) The same Veblen good function as wearing a Cartier watch in public, or placing seriously large bets at a top-flight casino: Potlatch, with a side order of "it's what all the other big boys *do*".

The owners can also choose to throw their weight around, but that's a side-effect, mainly of use to the Advanced Player. If monies somehow accrue from associated side hustles like the betting industry, that's a bonus, but it detracts from the principal functions.