~Snip
Risks have to be managed most effectively, and f we don't calculate the risks, we shouldn't be taking it in the first place, since risks management is an essential aspect of taking the risks at all, just as you rightly said any mistakes can take us back to an unexpected position at the end since some risks are not worth taking if we clearly calculate their level of tendency of producing negative result.
In gambling, at least you will feel good if you have 3 chances. I mean, if you have $100 as a gambling budget, then use 30% of it first and the other 2 parts can be a source of budget for the next try. Gambling is a game of chance, sometimes lucky and win and sometimes lose, so when we have 3 chances to try then the chance of winning can increase.
Managing risk in gambling feels difficult and easy, it is not easy, sometimes it is not difficult. The main problem lies in each gambler and it is about how consistent they are in maintaining the gambling rules they have made, but usually gamblers are very easy to break their own rules. Even if they set a budget limit, they can still break it and try their luck greedily.