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Paigntonian, the 'thrill of the chase' and the constant pitting of wits against the bookies is all important. However, were i constantly in hock to the 'enemy', i would have packed in long ago. As it is, i enjoy it so much that i have a bet almost every day of the year.
I can sometimes go a few weeks without actually 'winning', but then a couple of decent returns puts me back on an even keel. In truth, i am probably 'down' overall - i have been gambling since i was 14! - but because of the amount i stake, i probably haven't spent much more than most folk do on their favourite hobbies.