That's not enough for starting your own gambling site. You need to have a bigger capital for this to get more gamblers that will come back to you all of the time. Why not add some more fund on it or you can invest that fund first in trading and just grow it. Once you have doubled it maybe you can now start as I really can't see that there will be a smooth operation on that budget. I'm not trying to give you some false hope but with that budget you are near to early closure.
Funds,idea and rest of the part is secondary.The market is quite saturated today and your competitors are already established in the market.Do you have the force to beat them ? Not anytime soon I reckon.
Thanks for elaborating it I forgot to say that there are so many gambling casino's right now that has established their own reputation and gained popularity in the market. But if that is the way he thinks that he can go with those big casino's, probably the main reason of it is he really wants to start a business like this for the chance of making good money when he has a popular gambling site that will have hundreds of gamblers.