It's the thrill they get from violence, which is an ancient form of "entertainment" that dates back to the Stone Age. You wonder why many people will flock to movies that contain action and violence....well it's because of that. Since a lot of Spaniards are more towards the older customs of entertainment that doesn't include going to the movie theatre, they get their thrills from watching a bull fight. Some people call it "blood lust," others call it a thrill from the primeval days of hunter versus prey.
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It is a question of what you were raised with. People in Southwest Europe (France, Spain, and Portugal) have attended bull fights for centuries. We like Baseball, football, and hockey in the US and those folks enjoy bull fighting.
Don't be judgmental. Eleven 200 lb.+men donning 30 pounds of protective gear and beating the snot out of eleven others for 3 or 4 hours on Sunday afternoons is every bit as violent.