I think it's dumb as hell personally. You're addicted to the thrill of the gamble most likely, not the animals fighting to the death. I agree that it's animal cruelty as well. Maybe anyone engaging in the activity should be thrown in a cage and have to fight to the death, then maybe people will find something better to do with their time than watch animals kill each other. Gamble on something where death isn't involved.
Death is never the end of two cocks fighting, they gets tired fighting each other and separate themselves while going their way, they don't fight till death and there is no winner so I don't see any point for betting in this fight when literally no awards to given to either cock.
The interesting fun that comes out of it is the whole trilling experience.