I have one friend who used to play dice in stake.com, he started with a very small fund ($100), out of that money, he managed to have a balance of 24 ETH at some point but unlucky guy lost everything in one day. Once again, with the bonus he got from stake, he managed to cross 30 ETH within less than a month but yesterday, he lost everything once again.
How come he lost everything one day? Do most of the gamblers lose money in such way?
Because he is an greedy idiot, sorry for truth. Your question is resolved now.
Quite funny when I read this but this is the truth.
Your friend is a greedy idiot. A gambler who started $100 and ended up with almost 24 ETH at most is not a common scenario for most of the gamblers. Most of the time they end up losing their money or they will win a bit and then lose it all. Your friend has once in a lifetime opportunity to go out with 24 ETH and another with 30 ETH and yet he chooses to gamble. He is a greedy idiot who doesn't think of going out if it is time to get out of gambling already.
While you are not incorrect it is safe to assume that it was that greediness that allowed him to reach those levels of profits in the first place, I know that if I was in his place and I started with a certain amount of money and after some time I doubled that amount through gambling I will probably stop right there and think of myself as someone incredibly lucky, but in his case it was that greediness that kept pushing him forward until he reached those profits and it was that very same greediness that caused his downfall.