As parents, keeping them under tight control can be both beneficial and harmful. Of course, it is impossible to keep them 7/24 under control. Neither they nor we are robots. That's why they needs our guidance to keep forwarding on right path. If we give them the right clue, they can come to the right conclusion by themselves.
But we have to. Nowadays, we have to be twice or even thrice careful with what our kids do cause Internet is both a place where you can learn something or a place where danger accompanies you all you way you browse. My kids, one 10+ and others below 10, they are under my total internet control and I don't think I will let them use any social media until they are 18. Giving them the right clue is a good idea, but what I think is that they may be influenced by somebody else and you will not even know that.
If you try to restrict your kids in anyway, which we will out of instinct because we know the results of their actions and the consequences will be bad so we want to protect them and no matter how much we try to let them be we try to stop them time to time, but we need to realize that sometimes they have to do something and see the consequences and realize their own mistakes as well.
Obviously if it is a horrible thing like if they do it, they will go to jail type of thing, or can never go to school type of thing then we could intervene if we can, but aside from them let them gamble and lose all their money and let them learn from their own mistakes.