It's very sad but to me it seems stupid why he would have to pay so much gambling losses despite owning so much wealth. He couldn't stop himself despite losing so much in the bet that I think he has a mental disorder. Rich gamblers are usually addicted to gambling for pleasure but I don't understand why this rich man got addicted to gambling. But the man is a complete fool, it must be admitted, because such a large amount of wealth has been repeatedly gambled away despite losing the bet.
When someone is addicted to gambling, we can all say that the person is no longer himself; they are no longer able to control how they place the amount they spend, and when they can call it a stop, when they have gotten to that stage of becoming addicted to the game, they do whatever is necessary just to make sure that they feed their urge to gamble, which is the way most of these rich people run into big debt more than their net worth.
Gambling addiction is something to be avoided by all means because it does not always yield good results. The caption the op gave is something that can happen faster than that. A hardened addicted gambler can get himself destroyed in just few months. I have seen gamblers lose that big