I know this is common sense to the majority of people on this forum but I can't stress how important it is to gamble responsibly.
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.
I am a seasoned and experienced gambler and my one piece of advice to people is to only bet what you can afford to lose otherwise you are setting yourself up for failure.
Well, this is what he has to pay for being ignorant of gambling and still less prepared for it. Gambling is an informal activity that is very accessible, this is why people take it for granted, but they should have thought of the risky part if they are wise. All risky activities are so psychological and if care is not taken, we might lose more money when we think we are smart, and it could get worse to lose our sanity. This is why we should always fully understand what we are signing up for in gambling so that it will not be caught unawares. You can imagine this person, he has that money but was never psychologically prepared for it, and I believe his revenge quest brought it upon him. Had it been he is smart as well, things may not have gotten to this level, and he might have called it quit early enough. The $12,000 is nothing compared to $400,000 if he handles the reasoning well and I will not blame this on inexperience, but on emotion and stupidity. And next time, he will know that it is only the sparable money that is meant for gambling, not live savings. I hope it is also a lesson for others.