Step 1:
Download and install Parallels Desktop

Step 2:
Set up a new Windows 11 on Arm VM (automatic)

Step 3:
Install DDO using the Windows installer

Step 4:
Switch to the 32 bit client in the launcher

Step 5:
Enjoy playing DDO.

Note: due the memory requirements of running a VM, this may over tax an M1 or M2 Mac with 8Gb ram.

Note 2: Crossover is currently not working with DDO - it will install but won't run the game, or will disconnect you after a few minutes.