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As long as you are aware that gambling is a risky business and you may lose your money, then the rest is your personal preference and you can do whatever you want with it. There are some people who seriously think that they can get rich on gambling but we all know that's not possible and that's why I keep saying that it is not going to end up with anything good at all.
I believe that we should be careful with what we are wishing for and if we end up gambling with all our money then we will lose all our money. However, if we end up with a good result eventually then we are going to realize it might be short lived. This is why if you know that it is risky then you are already ahead of so many people and will not be really doing any bad work at all.
You've accurately depicted gambling's risks. Gambling is perilous, but understanding its psychology is also important. A gain, however modest, triggers a dopamine rush that veils reasoning and makes risky enterprise look worthwhile.
Gamblers also believe in the gambler's fallacy, which holds that previous occurrences can affect future events. They continue reckless betting anticipating a different result. The lucky few who gain a fortune are outliers. Most gamblers lose money. Playing with fire is risky even if you know it.