data is data
Yep.
In this case, in my version of the Universe, the Empire has AI programs that autonomously monitor all holonet communications, and woe betide anyone who tries to use that network for any other purpose.
If you’re the greatest hacker in the galaxy, maybe you can get away with it for a while, but if you try to do that too often, then even you will get caught. And then a whole fleet of Star Destroyers show up on your doorstep and really ruin your day.
...
Now, on that Imperial holonet, sure you can get near real-time broadcasts of sporting events. Only delayed by a few milliseconds, which is long enough for the Empire to do what they want with that feed if and when they want to. They could even front-run bets on that feed, either officially or unofficially, and if done correctly then there wouldn’t be any way that the bookies could detect the shady activity.
If religion used to be the opiate of the masses, then today I would say that sports is one of the big opioid replacements. And I don’t see any material difference in this regard between our world and the Star Wars galaxy.
It would be in the best interest of the Empire to keep those peasants mollified and sedated.
I'm actually fine with this interpretation of the Holonet. It's entirely consistent with what we know of/see in the movies and doesn't change the underlying fundamentals of the technology's function.