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One thing to remember is what we consider fair is entirely a regulatory issue. If insider trading were not illegal, there would be nothing unfair about getting information from your brother who sits on the board of a public corporation and trading on it. But we made it illegal. However, if the same information is simply accidentally released and an outsider hears it first and makes a trade, that is legal- just exploiting an opportunity anyone could have had.
To put it clearly, regulators could- and arguably should- make preferential access to tote data a serious crime, akin to insider trading. There is no principle that says everything has to be for sale to whales.
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