You're right that street gambling isbbot regulated by anyone because each gambler is free to do what he likes and can go to any length doing what they like, though it depends on the settings in some specific location where this kind of gambling is being practiced and the kind of gamblers involved, but i will like to admit that those in the locality where street gambling is predominant likes it that way because they enjoyed it base on the level they were in the remote areas.
gambling alone is risky enough so why get involve in a riskier circumstances. just imagine how street gambling will be regulated, how much do you know that there is no anomaly? that there still a legal document behind, that the house still have enough funds when you win big. Yes you can do anything what you would like but t just simply removing restrictions that protects both the gambler and the casino. More likely, street gambling is always link to any tuff or gang so one wrong move, you know where you are going. So be safe, not only to your funds but also to one's exposure.