Step 1: Add up all the hours you spent on gambling over the years. Multiply that by $11.25 ($15-25% for taxes).
Step 2: Figure out your net gains from gambling after paying taxes.
Step 3: Subtract Step #2 from Step #1
(#Hours gambling x 11.25) - (Net gains from gambling) = ?
You don't have to say, but it might give some people something to think about. It also might give some young guys a little insight.
Personally, I have won money long term. I am 5 years into this though. It has not been a gravy train. I have put hundreds of hours into this. Building models (many unsuccessful), research, reading books, looking at statistics. I would have far more money spending that time in a part time job... or doing something a little more productive. I keep telling myself eventually it will pay off.
If you do this for fun, the money doesn't matter. Most people here bet real money though. They are in this for the cash or the addictive rush they get.
So, if you could go back 5 years and give me, a broke college kid some advice, what would you tell him? I know the me from 5 years ago is on here somewhere.
Let me also add, having money is better than not having money. You will like having money. Women like guys with money. It is nice living in a decent place, driving a nice car, traveling to nice places. I have been on both sides of that.