> It is the most Degenerate form of gambling out there.

I don't think so. At least you have a 50% chance of winning. Unlike say a lottery or a slot machine.

It's not the chance of winning that matters, it's the mean expected value.

If you have a 50% chance of losing $2 or gaining $1, you have a negative expected value and that's bad.

If you have a 10% chance of gaining 100$ and 90% chance of losing $1, that's an expected value of $9 and it's a great deal.

50% chance of winning, but there is a rake from the site.