Most likely fuel. Could be ignition/weak spark. You need to diagnose more, from what you have said, my bet is fuel......
Questions:
*Is there gas in the oil
*Do you choke it every time you try and start it? If so, STOP. Try it without the choke.
On the fuel system:
Oak is on the right track. More than likely it's a float issue, but fuel pumps fail on these engines as well. He is right in saying just go through the fuel system and replace the lines, filter, f-pump and rebuild the carb. This will guarantee a fix and most likely needs it all anyway.
I would also suggest changing the plugs, and if the air filter looks bad, slap one of those in too.
Note: I most-always way to start a flooded engine; no choke, throttle in WOT position and crank. Usually, it will fire right up.
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