Assuming that I would be on the same spot, I honestly don't know how I could face my parents, knowing that the money that I've lost was their hard earned money.
I would try to pay it all of, and avoid gambling to show them that I've changed, even if it isn't to show them at least to make amends on my mistake.
And as a parent if I would be on the situation I also don't know how long would it take for me to get over it.
I don't know how long I could ignore my kid due to that incident and if I would ever trust him again.