Does that work or am I being ignorant about scheme of things?
I think you forgot about criminal
activityactivities, removing the two that you mentioned will not remove or prevent criminal activity. As you know, casinos have been known to be used as a front by crime syndicates to launder money or other fraudulent crimes that involve money. Regulation is one of the ways to prevent that from happening(at least that's what I have read).
That's why AML is required in regulated casinos.