Definition of Degenerate

What does the term "degenerate" mean in the world of sports betting? What is meant by the term "degenerate"?

In sports betting, a "degenerate" is a negative term for somebody who has had their entire life consumed by gambling. There are rich "degenerates" who are able to scratch their gambling itch by accumulating income from other areas, though most degenerates are usually in a constant state of having no money and needing to borrow to continue gambling.

For instance - let's say that there is a fairly successful poker player who has won a couple of major tournaments. This player is unable to control himself while betting on sports, and has lost millions of dollars betting on college basketball. While this player should have a considerable bankroll from his tournament victories, instead he is left to grovel for stakes to get entered into tournaments. This player would be considered a "degenerate" as he is unable to control his gambling on sports.

Being a "degenerate" doesn't necessarily mean that you are broke, as there are some rich Chinese billionaires who love nothing better than gambling 12 hours plus per day. While these players could be considered "degenerates" thanks to their fascination with gambling, at least they have the bankroll to play in the games that they are sitting in.

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There have been numerous well-documented examples of former professional athletes who turned out to be degenerate gamblers. Instead of sitting on tens of millions of dollars, these athletes eventually went broke because they could not control their compulsiveness.