I don't see a reason why loss should be massive when in real sense you are meant to gamble with what you can afford to lose. ..
If everything was that simple, and everyone followed the rules and laws, then we would live in an ideal world. But the reality is that in the pursuit of illusory winnings, players lose not only their money, but also become debtors to banks and other people.
I believe that those who borrow money and become indebted because of gambling are addicted to gambling and that is something we should discourage people from doing. Like Cookdata rightly said, one should only gambling what he can afford to lose, if you do that, you will never see the need to borrow to gamble and your losses will be within your limits which you can easily forget and plan the next bet.