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By the time I actually decided to study the game, I was about 2k down, and it took me the better part of a year to make it back. This is only because I'm completely obsessive and cannot stand to lose at anything. Point being: a slightly less obsessive player would have quit at -$1000 and taken up a less expensive hobby.
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i don't think any of the people in this thread disagree. the question we're looking at here is "why do they keep handing over their money?" some of it is gambling addiction, sure, but for the rest, we're trying to get our heads around WHY they keep coming back for more.

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The first quoted portion above sort of answers the second.

How about an analogy . . . Why do so many people become obsessed with GOLF; spending sometimes $1,000's on equipment, gimmicks, lessons, books, devices, etc, not to mention the cost of actually playing?

I'd say its simple - the CHALLENGE to become better at it. Let's face it, a large majority of golfers will never be all that good, but they'll keep coming back for the challenge to "win" at the game. Human competetive spirit.