I think it is much better betting right now with bitcoin considering you have a chance of not only winning and making up the difference but also if you lost you will lose less in fiat if you care about that.

I personally gamble for getting the bitcoin number higher or at least have fun while doing it so it doesn't matter to me if I gamble with fiat or crypto since the outcome is still the same, if I am not happy with what I do, I must be doing something wrong.

However, if I was asked which one is better betting fiat and getting more fiat or betting crypto and getting more crypto I would prefer crypto in this market. Why ? Because if you bet 1 bitcoin and win 0.2 bitcoin so you have 1.2 bitcoin you not only make up the loss in the market but also will have more fiat when the price goes back up.