I disagree that lootboxes are like gambling. In gambling you put your money in and run the chance of losing all of said money. With lootboxes, you put your money in and purchase an item (either ingame money, a loot box that grants a different item, a key, some kind of boost effect, etc.) The loot box model is way closer to a Magic the Gathering (or similar random card booster pack) model. Someone could buy boxes of booster packs and never get the rare (or even common) card they want to get.
My point is, this system is not new to video games or child entertainment and the government regulating it now will have far reaching consquences in other gaming related industries.
It would be far better [imho] for people to start wallet voting instead of tossing money at games with these practices.