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.
Like all things, fine in moderation. Nothing wrong with friendly wagers among friends or spending some money playing casino games. The gambling industry doesn’t exist off the back of these players though and that’s the problem with it
Wagers among friends is a different thing, and I do sometimes participate in that despite my general aversion to gambling. The stakes are kept low and it’s all in good fun.