What's your position on this thought?
Actually, nobody wants to lose a penny. But the advice of gambling with what you can afford to lose is not about the potential wins but the amount you staked. I think it's just general advice that you shouldn't use funds that are meant for other important things for gambling. Some gamblers use money that would affect their finance if they lose to gamble. Sometimes it could lead to frustration, health issues or even death.
Really? would you care about a penny?
I'll give you an example. We sometimes buy too much food and it goes bad. Sometimes it's a carrot, sometimes a potato. I often find something that was paid for and I have to throw it away. Broken light bulb that went out after a week or two when it should've lasted for months. A loaf of bread that got moldy after 2 or 3 days... Do you care about these things? I sure don't, I just consider them lost.
When the lost amount is worth something like 0.1% of my monthly income, I just go on with my life without thinking about it. So, for each of us this amount that we can afford to lose will be different.
Someone in India will feel like $10 is a lot of money, while someone in Dubai won't even notice because they tip waiters more.