It depends on the person who handles the situation because there are a lot of people can't handle their emotions and if they think they want to earn more and take back their loses the urge to make money back is too hard to stop and sometimes it causes of losing your money or double your money it's all about gambling guys take the win or lose the game. But for me it's better, if we have risk management and identify what are the, exceeds on our fun and budget it's too hard if you lose all the things you have because of this kind of mistake. Actually, it's better if we have a stop loss and take profit too in gambling right?
Gambling is completely different from trading, it is trading that have the feature of stop loss and take profit, it is just a concept used by traders to minimize risks, especially when they are not looking or watching the market. But in gambling, nothing like that, if you have a prematch game, you can not use such, also if you have online game, what is similar to it is to cash out, but it will not work out good many times. Assuming in online game, you bet for 1.2 odds with $50, if the team you take is losing already, what you can cash out could have reduced to $5.
Having a quality mindset and risk management plan is the best like you have once commented. If someone has lost in gambling, he should just stop betting for poor mindset not to set in at the time that can bring more losses. And if we win, we should just still stop betting because the more we bet the more the chances of losing.
I think what he meant in this one is to try to use the stop loss and take profit concept in gambling. This stop loss and take profit could also be compared to managing your emotions because in SP and TP it promotes the idea of not being greedy, that you should always know your limit. And so if we will apply this kind of concept in gambling we will be able to play in a healthy way, not being greedy for getting so much profit and control ourselves for chasing our loss. But since gambling has no kind of this feature it would be a lot difficult especially if you have a problem managing your emotions.