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.
This is right, the feeling isn't like that much but if you are long for bitcoin you will regret if you ever lose such amount in bitcoin. I gamble with bitcoin regardless of the market.
There's no way to gamble in fiat that requires no KYC if you are into online gambling and also here in my country, online gambling isn't allowed which is only considered for fiat transactions but for crypto's, they aren't considering it as for no ruling about it.