My son has an older sister (18) and until this year they shared the video game players and the games. There are several types of players here, but only one of each and they managed very well. Since she is in college now she doesn't have much time for games, but when she does she plays a subscription online computer role playing game (she usually only pays for the blocks of time when she can actually play it, like the month over the christmas holiday). And we gave her brother a duplicate of the PlayStation 2 that they used to share, since she has taken the first one to college where she keeps it at her boyfriend's apartment so they can share.
This evening my son has worked out a strategy to get everything done he needs to do. He did some homework, ate dinner with me, and asked if he goes to sleep early would I wake him at midnight so he can read for school. I told him no, that his uninterrupted sleep would do him more good and I'd get him up early instead. He's reading The Odyssey in his pre-AP English class and he has his classical guitar lesson tomorrow, so he's practicing guitar from now until bedtime then getting up early for more homework. He's passionate about his guitar (which lessons cost me a small fortune and which we pay in advance every month). So I'm not too worried about the time left over that goes to games.