People who like gambling appreciate or like the thrill of risk-taking, the challenge of doubling their money, or having to analyze and have a strategy in certain games. People also enjoy the bond within the person who likes gambling, whether it be at a casino, a simple poker night at home, or even online.
But still, you need to be a wise gambler if you want this to be a hobby. You should set a limit on the money you are spending. All of our hobbies involve money, so in gambling too, you should better make a limit on it, know when to stop, and be aware of yourself if you are getting addicted.
Gambling is indeed a hobby, but we don't equate this hobby with other hobbies, such as playing a musical instrument, playing your favorite sport, or other creative activities such as painting or even writing. Gambling is very different from other hobbies, as you said, gambling has quite high risks compared to other activities.
You like playing musical instruments, obviously this hobby is very useful apart from being entertainment. If we are serious about exploring this hobby, maybe tomorrow or the day after that you will become a musician. If you like sports and keep practicing, maybe tomorrow or the day after that you will become an athlete or bodybuilder, and even if not, of course this hobby is very useful for maintaining our physical health. Likewise, if you deepen your hobby in painting or writing, maybe tomorrow or the day after that you will become an artist or writer. Meanwhile, when you deepen your hobby of gambling, what benefits can we take, apart from temporary pleasure? Does studying this activity enable us to become professional gambling athletes and make lots of profits? Not necessarily, because the more often we gamble, the more often we will lose.
But in the last paragraph I agree with what was said, that we must apply a limit every time we gamble, whether in terms of costs incurred or time.