Obviously, only money you can afford to lose, and in moderation. When you gamble, do you think about the way to make the most money or is it just the social thrill, like Melbourne Cup?
Do you grab a scratchie at the newsagent, or sit at the poker machines on a Friday night? Do you celebrate at the Casino or have sweeps for the World Cup? Do you partake in footy tipping during the year?
I don't gamble at all. My dad does the Lotto, but I think it is a complete waste because the chances of you winning anything is finite. Your best bet is probably to study the results of horse racing, and see if you have any luck at that. I don't think it is a good idea though.
The best bet is to not gamble at all. The money spent is likely more than you will ever win. Why not put the money that you normally spend on scratch or lotto tickets away and save it up. The money could be used to start a new hobby or take a class. It's better than tossing the money in the gambling garbage.