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rainbow gambler 

Rainbow gambler is term used in the middle and north of the UK to describe a compulsive and erratic gambler of limited financial status - the bottom feeders of the gambling fraternity. The term meaning they are always chasing that pot of gold at the end if the rainbow but always coming up short
Danny is a rainbow gambler, he had hardly any money to pay his bills but gambles it all, the guy is a loser
Related Words

gamble chocolates 

A term that desribes assorted chocolates. One takes a gamble when they take a random piece (a gamble chocolate) from a box of assorted chocolates because the candy could be either delicious or disgusting. The term also serves as an alternative to "assorted chocolates".

Etymology: The term is used in comedian Jim Gaffigan's bit about Valentine's day.
I tried a piece from the box of gamble chocolates I got for Valentine's Day. I don't know why I even bother with these because every one tastes like it was filled with toothpaste.

gambledygoop 

when a man with a intricate knowlege of bagels and specialty cream cheeses ejaculates in the back seat of a delivery truck. two employees borrow the truck to pick up food and discover a large quantity of steamy creamy gamble jizzum
you find a cum puddle aka gambledygoop covering the seat of a domino's delivery car, UPS truck, etc...
gambledygoop by Juncmastr0822 February 16, 2009

Gentleman Gambler 

1. A book written by "Oklahoma Johnny" Hale that tells his story from his humble beginnings as a poor country boy to his successes in business to his wild gambling days playing high stakes poker.

2. A term used to describe an older wealthy man who now lives as a professional high stakes gambler, or is just involved in high stakes gambling on a regular basis. His true wealth may be a product of his success at gambling or other unrelated business ventures, or could even be inherited. The gentleman gambler may at times be viewed as a gentleman of leisure and he often prides himself as a true gentleman, honest and fair, but also as a cool and calm player with many years of gambling experience.
Santos is a true gentleman gambler who has been playing poker all his life. Always brings a lot of money to the table and is very generous, but is still respectful of the other players.
Gentleman Gambler by ALWXXX March 14, 2011

Gambled and lost 

When you try to fart but end up shitting in your pants.
Carlos and I were hanging out in the hotel room when Carlos lifted a cheek and squeezed one out. Unfortunately it sounded wet. Carlos gambled and lost.
Gambled and lost by perogi February 6, 2007
To intentionally destroy something for personal financial gain.
The server just died, I think someone gambled it.
gambled by WyclefJean July 20, 2010