How Absurd is the title and title sponsor of the Hamburg Tennis tournament this week -'bet-at-home-open"

I am conflicted regarding this tournament that is being held in Hamburg this week.  Tennis betting or sports betting in general is ILLEGAL in the United States, but an ATP tournament in Germany is underwritten by an online sports betting company from Austria?  First off I do not gamble on tennis or any sport so I find it a little disturbing that we are sending such conflicting signals to our children.  Is it not true that the prize money comes from the sponsors and the sponsor is an online betting company?  So basically it's ok for American players and others to take prize money from an online betting company?  The tournament director is a former top player- Michael Stich!

Maybe its just me that thinks this is absurd and illogical?  Please comment and let me know your thoughts.