Gambling?..A source of real income or a dangerous obsession?

So, like most students I'm sat in the pub on a Wedneday afternoon. It jut so happens to be St Patricks day however, and half way through the famous Cheltenham Festival. From an early age I have to admit, nothing bored me more than horse racing. But looking at some of my friends in the pub now, clutching at their betting slips, hoping for a good win, I decided there must be more to the sport than meets the eye.
I spoke to a close friend I have known for a while who is an avid gambler; horses, football, slots, pub bandits, you name it, he bets on it. I asked him exactly what drew him into gambling and how much he actually gets out of it. It i purely lack of money that lead him into it, and the fact his best friend works at the local bookies. It also turns out after winning £1300 in the last two weeks from a £60 bet, he's doing quite well at the moment.
But it hasn't always been like that and he has been known to lose hundreds of pounds over the years due to his addiction. He doesn't seem to care about his losses however, focusing solely on his winnings and next bets.
So i decided to have a go myself and place a few minor bets during the Cheltenham festival. By some sort of miracle, I win £20! Not bad consdering I only bet £2.
It is easy to see how you can become so addicted to this sport of gambling, the thrill, the win. But the huge losses would be enough to put a hard-up student such as myself of it for life.