I think that that is a bit harsh. It's a form of entertainment and, similar to the sale of alcohol, most people don't ruin their lives with it, but many do. It needs proper regulation, and severely restricting those hyper addictive machines is a great start.
Don't forget that if the industry were to cease to exist, illegal bookies would spring up in their place. At least bookies will only take all your money off you until you have no more. Illegal bookies will get you in debt and break your fingers, threaten your family and all the horrors that go alongside it.