Yes, if money is not involved. But if the motive of the gambling is to earn money, then it's not worth it to gamble without money. However, the beauty of gambling is the money itself, and the industry would not have been this thriving if not for the money involved.
I don't get it. How can gambling not involve money? Gambling will always involve money, even if someone doesn't gamble specifically for gains, money is still there because you need money to gamble in the first place. I don't understand how one can take risks without involving money, and if you mean that if someone gambles without money it means they are not gambling for wins, then it means they don't take risks because you don't make large bets and try to win a lot of money if you are gambling only for fun.
The biggest instigator of huge risks is greed, and greed is only there if someone is looking to make money, a lot of it, because someone who is gambling to get entertained won't have a greedy nature, but someone who thinks gambling can make them rich, or at least make them good money, will think that if they make higher bets, they will win higher amounts, and this thing makes them take bigger risks.
I would say it's not worth it, knowing that you will either win or lose, but in most cases, you will lose because gambling isn't supposed to make you money but it is supposed to make money from you.