This is the originalEnglish spelling of Jail Bait. The meaning is exactly the same, it still refers to some fifteen year old bitchlet who is dressed and made up to look like a twenty-something slut who storms out of the house after a row with her parents about the way she looks. Full of teenage fury she gets a bit drunk then comprehensively fucked by some bonehead who can't believe his luck. When her parents find out, the sap who shagged her finds himself in court with an angelic-faced schoolgirl in the witness box and the end result is gaol and the sex offenders register.
Homer: The only monster here is the gambling monster that has enslaved your mother! I call him Gamblor, and it's time to snatch your mother from his neon claws!
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 rainbowgambler, he had hardly any money to pay his bills but gambles it all, the guy is a loser