'Prop trading' is just a fancy term for banks gambling in the market for their own profit.
Sometimes a 3-1 favorite loses. That's why they call it gambling, and that's why they keep flipping over the cards.
Gambling is legal and betting is legal, for what I bet.
Daily fantasy sports operators claim that they operate legally under Alabama law. However, paid daily fantasy sports contests are, in fact, illegal gambling under Alabama law.