If there will be such insurance companies that will offer it, I don't think that it will ever be in favor of the gamblers that would want to avail the insurance.
It's favoring the company than the insurance buyers.
Isn't it always the case when it comes to insurance? Not just if it will be applied in gambling but on other insurance as well.
There is no way an insurance company will offer something if it won't return a good return to them. But for gambling, it's hard to implement that as every day, people are losing to gambling. It's a loss that happens regularly and consistently, different from the usual things that insurance mostly covered.