Degenerate? Is he hurting you in some manner by gambling? Let the man do what he wants with what he's earned. You are in no position to be a judge.
"It's not a 'problem' because I can afford to lose money".
Sports wouldn't be as big as they are today if it weren't for Vegas and gambling. Ask David Stern, Tim Donaghy, and friends. Ask Tim Duncan and Joey Crawford. Ask Marc Cuban, Shaq, and Dwayne Wade. Ask Bud Selig or Pete Rose. Ask Tagliabue, Goddell, Belichek, and the like.
Partaking in gambling is not a degenerate act - rigging the outcome of sporting events, however, is.