This is a question of personal preference, and freedom. As members of a free society, a person should be able to do anything they want, as long as it is not harming other people. Whether that is eating a cheeseburger, drinking a beer, or betting on a football game, any of those are things that a person not bound by restrictions should be able to do.
As with anything, you should have limitations. You should eat responsibly, drink responsibly, and bet responsibly. If you have extra money to play with, and it is your money, then you should be able to do what you would like to with it. Many people have problems (in any walk of life) if they go overboard, and do things too excess. There is a saying that goes, “Know your limits.”
Some people buy 80-inch televisions or £2000 laptops. If you have extra money and like to place wagers on sporting events, then I say, “Good luck!”