This idea is only good for the business, yes its somewhat secure the funds, but not a customer-friendly. If this is executed by a smart contract imagine you need to pay fee for transaction or gas everytime you bet from your wallet. This is not reasonable and no users will last not unless the fee is too small that it cannot affect enough your wallet balance.
Since bitcoin doesnt have smart contract that works like that then the gambling site will only work using its token? Nah, I don't think can gather lots of users here though.