I disagree. By definition, a degenerate is, "having lost the physical, mental, or moral qualities considered normal and desirable; showing evidence of decline." I can bet on something, knowing that I'm gambling w/out an edge, but not be a degenerate.
To me, "degenerate" involves excessive pleasure seeking to the point there is harm or a loss of control. Gambling is not inherently degenerate, but can be. Much like other hedonistic activities.
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So how would you define the gateway actions that preceded the loss of control? It would seem by your definition, someone risking his paycheck is acting in a degenerate fashion, but the preceding $20, $50, $100 bets would not be considered degenerate actions.
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Slippery slope fallacy! I hit the trifecta! Also, yes it's possible to gamble (or pursue other hedonistic activities) in moderation. It is the lack of moderation that is the hallmark of the degenerate.
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