To be honest I won't advice youths to do that cause just like the OP said, it's not something to be proud of and most times some dudes who lost would pick up a fight due to provocations from other guys which is very bad. I'm not against gambling cause it has some benefits too but what I'm trying to say is that individuals especially youths should desist from illegal gambling that could lead to violence or lose of life.
Gambling in school by underage students is not a good habit since some of these young gamblers are dependent and are not earning money. They can end up gambling with their school fees or other things that were given to them by their parents. Since they are not mature gamblers, they might not have the ability to control losses which might lead to arguments and even fights. There were times in my high school days when fights broke out because a gambler felt he was cheated by another. This will lead to group fights that result in violence. This will lead to the suspension or even expelling of these students. Another disadvantage is that such gambling students might end up focusing more on betting than academic work. It is important to discourage this kind of gambling because it is the birthplace of unhealthy betting habits.