I have a client who is also a friend and each and every year he has some gambling winnings. I give him a little amount of grief over the winnings.
We both know that his losses exceed his winnings. But with the restructuring of the Schedule A, my client no longer can itemize for benefit. So, the losses go unrecognized, and the winnings are taxed.
Over the years he has complained about the money lost. Those numbers could be very high some years. He complained that he should have bought gold coins instead of gambling. I agreed with him.
I am a firm believer of investing rather than gambling. I have done some slight gambling, but never really enjoyed it. I know others view an evening at the casinos as their entertainment and $100 lost over the evening is the same for them as me going to a play. I can see their perspective and can agree with the analogy, but I would still rather see the play.
But I would rather have a fraction of a gold coin than an evening at the slots any day. But that is just me.
My gambling friend also invests in gold coins as part of his portfolio.