One can't skip the "cheaper" aspect. Computer games (well at least not the freemium play2win types) are generally much better deals than being a sports buff, as you can spend a lot more time playing/watching replays of games for less than a cable subscription.
The MMOG and freemium types that require subscription fees or have an in-game economy are a different story. I truly hope legislation prevents those types of games from destroying the existing landscape of "buy-once play-many" vs. constantly buying "gold/credits" for upgrades (that you need to even stay competitive).
Even most of those seem to subsist more on pulling in a small percentage of "whales" (who spend thousands and likely have gambling addictions) and people who buy the occasional hat.
Even then on an entertainment/hour basis video games are a remarkably cheap form of entertainment.
The MMOG and freemium types that require subscription fees or have an in-game economy are a different story. I truly hope legislation prevents those types of games from destroying the existing landscape of "buy-once play-many" vs. constantly buying "gold/credits" for upgrades (that you need to even stay competitive).