What about sports betting? People would still play those games so the "risk" isn't artificial.
But in a commodity market there are real participants whose primary business model is production, being able to hedge against future price swings provides real value to these businesses.
(despite the snark, I'm also curious how the situation is different)
The entire local economy surrounding sports venues. For a small bar or restaurant near a stadium, the difference between a good season and a bad season can be huge. This is magnified to the nth degree in places like Green Bay, WI where renting out one's home for a single at home post-season game can easily net a family several month's worth of mortgage payments.