I grew up with gaming on a DOS PC, Atari, and original NES. My parents didn't regulate my use, but refused to spend money on consoles or the games themselves. I supported my gaming interests with summer jobs, skipping lunch and saving the lunch money instead. Both of my parents were also addicts, so I could usually steal 5-10$ once in a while when they were high without being noticed. Not sure when the ESRB rating system rolled out, but it's something I paid attention to when buying games for myself, and eventually my kids.
When I had my own stepchildren, they were free to game as much as they wanted when chores and homework were done, and adhered to a 10 pm lights out to get 8 hrs of sleep. As my stepson grew more interested in mature titles, I often played those titles to see what the content was like before deciding if I would allow him to play it. His bio mom was clueless about games, and tended to be more restrictive than me. I played OG halo before deciding it was a game he could play as a 14 year old. I played some of the GTA games before deciding he had to be 16 before we would let him play those. (My issue was picking up a prostitute and then being able to beat her after to get the $ back.) I started playing WOW because my stepson wanted to play. After some exploring I thought it was a safe title for him. Gaming was something that brought us closer together, and I spent so much time gaming with him. If I had the chance to give birth to my own kids, I would wish for a biological son like my stepson.