Chasing your losses is never a bad idea. And it becomes a horrible idea, if you are doing it with money borrowed from someone. Before kicking off a round of gambling, the individual needs to understand his chances of winning and the consequences if he lose.
I think it is a bad idea if you chase your losses because you might get bankrupt more and more and become emotional with what is currently happening. What you said is definitely worse, borrowing money, but if you know what you are doing just go. You could loan a lot of money from the bank and gamble it if that's what you choose, just be careful with that.