Only if you treat it as a form of entertainment, and the amount you are gambling is not significant to your level of wealth.
How does that make it a good idea? The wager enhances your engagement with the contest. You have, as they say, some “skin in the game.”
Observe psychologically what happens any time you add a wager to any activity. Humans typically dislike losing, but they seriously dislike having to part with something too when they lose.