Gambling - you won't win
/Taking a post to clarify that gambling is not a fair fight. It's not even close to 50/50 odds. Here's the avg losses per $100 gambled on the following games:
Blackjack (normal play) - 15%
Blackjack (prefect strategy) - 5%
Craps (varies widely within the table) - avg 10%
Roulette - 5%
Slots - Avg 20%
Sports - football/basketball… - 10% (legal in every state as of 2021)
Sports - horse racing - 20%
Keno - 30%
Take this example: Blackjack. Assume the avg bet is $20. Assume you bet about 70 hands/hour. So you're gambling $1,400 per hour. Under normal play you'll lose about $200 every hour. Most people try to gamble through an evening, like 3 or 4 hours. Ouch.
The other thing is the gambling stories. Oh GAWD. So many stories of your friend's brother-in-law winning thousands - "paid for the whole trip!". Fine, but ask him how many times he's lost. If you gamble 10 times, one of those times will end up like that. But the other 9 were losers and no one talks about those trips. There's a reason the casinos glitter in gold - cuz they basically print money as they prey on fools. “A fool and his money are soon parted.” Nenee
All that said, betting small amounts between friends is fine/fun. With no house, now it is true 50/50 odds. I like this old quote "Gentlemen should bet" - implying a little wager between friends brings out your best.
I take pride in the fact that I’ve never bought a lottery ticket. I never wanted to “get rich” that way - it smells lazy and naive. I always wanted to be self-made.
Btw, the modern equivalent is bets on the latest crypto, SPAC or high risk stock via robinhood or coinbase. It’s really hard to beat that market - best to buy good old VOO (read on).