Could be in any context. I do it a little on UFC fights but that’s a relatively low amount and I can afford I to lose any time I do. It seems like it’s becoming a really wide spread problem though, at least in the US. At the same time I don’t see why it should be illegal. Granted I also don’t think any drug should be illegal.
Gambling with your friends is ok, BUT it can create resentment if the stakes are more than a nominal amount. Even as little as $100 can mean a lot to some people and can create problems when someone thinks they can afford it, but they actually can’t.
Gambling using a third party is throwing your money away UNLESS you have insider knowledge. It’s a fact that the majority of people lose money on these, and a very small percentage of people make A LOT of money by “gambling” on events they can influence the outcome of, or have prior actual insider information on.
Essentially unless you’re defrauding people, you are very likely getting defrauded yourself.
Gambling just isn’t worth it in any context.