Gambits have practical value. Surely, with unlimited time, most dubious gambits can be refuted OTB. But, here, and in the world of shorter time limit games, gambits have their place as finding that refutation over the board is made tougher.
Admittedly, the defensive skills of the modern player far exceed those of Morphy's era, and this is largely why true opening gambits are rarer, at least at elevated levels of play. But if your forte is playing Live Chess at time controls in the Blitz or Bullet range, practical chances abound for all but the most dubious of gambits.
As in most games, the more experienced or familiar one is with the opening, the better one's chances are, though strong players can often make up for that with sound principles (e.g., give the material back at an appropriate time, etc.).
Gambit play is often an important part of a developing chess career. It teaches the importance of strong tactical vision, the extreme value of time, and the tenacity to play down material. Though we don't see much real gambit play at the top echelons of chess, you can bet that ALL those players have played hundreds if not thousands of speed games with gambit themes during their development as players.
So ... play gambits, have fun, learn ...
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