There was a recent case in Australia where a man lost his entire life savings of $400,000+ in a 48 hour gambling spree.
The gambler lost $12,000 in a single bet and then tried to chase that initial amount but ended up losing his life savings.
$12k on bet is too much and after losing that money nobody should continue gambling. If I lose like $500 in a day and not just on a single bet, I might not bet again for the rest of the week. When we want to revenge the money that we have lost, that is when we are going to lose money money.
He was not thinking wisely when he used up his entire life savings. What is he going to do next because I can't imagine myself in this type of problem as I don't know what I'll do. I always tell myself to be careful of how I'm gambling and don't leave access to much money. I make it hard so if I want to revenge the money that I have lost I can't.
I know if I had access to the money, I can go above my budget and spend money that I didn't plan to spend just because I want to win back some money that I have lost. Knowing yourself is a good thing because then you can prepare for anything that might go wrong.