But people generally do not play for research purposes. People just place bets more or less randomly, lose money and claim that they enjoy it. Is this stupidity or deceit? Maybe such people like the atmosphere of the game? But then why not play free games? But no, gamblers rarely play free games?
Happiness is priceless. People gamble and lose money from it but the thrill and enjoyment they get can't be replaced by other activities that others do.
It's the same as other hobbies where some may seen as a waste of money. Each of us has that hobby that we are willing to spend money in exchange for pleasure.
What's important is you spend responsibly in a way that it doesn't compromise your life and personal responsibilities.