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.
Maybe that's why everyone is asked to gamble responsibly. If you gamble irresponsibly you won't realize when you lose all your money like the person you mentioned did. If a man can lose 400,000 plus dollars in 48 hours, his gambling addiction shows how stupid and irresponsible he is. As you mentioned the person lost $12,000 when he placed his first bet or gambled.After losing that amount of money he thought that next time he might get back his lost money due to which he bet or gambled again. But he forgot that he could lose the money later than get it back i.e. incur a double loss. It happened.
Gambling can never give people financial security. Those who want to change their fortunes are wrong because they lose their entire money once they lose it. So control your greed while gambling and try to gamble responsibly so that you don't regret later.