Actually most of parents already look at his kids activity everyday, but some of them don't really strict that always on the kids where ever they go, they just give their kids privacy since not all things should be controlled. If you say strict parenting is the proper way to teach your kids, I'd say it's wrong since you're just don't let your kids to be more creative and always listen to your words.
Until your children are minor you should have look on their activities and giving them privacy at these levels can turn into leverage making them addicted to gambling.They don't understand how to use the funds and playing in fun manner could turn into worse nightmare soon so they should be strict to them in these cases and try to avoid it any cost.