Yeah this is true, and usually they go on to make up for lost profits.
Once you're in that cycle it's difficult to get out, I think.

Was asking him to stop gambling.

well you should dont gamble then if you cant control yourself in it, because if it will keep on going eventually you might even take risks to gamble all your money you have

oh wow thats some serious stuff im impressed how people can gamble their life time savings even though they know that they will most probably loose im pretty sure that gambling in big sums should be banned as it might destroy people lives

Gambling gives chance at least once to make your life and stay away from it.If you continue playing then you lose in the long run.I have lost some decent amount on block-chain based games but that can not wreck my life.It was a loss which will be recovered some lucky day.Gambling's loss only gambling recovers.

try staying at the premises of a casino business, you will hear sob stories of different people who slowly gambled away their money and properties.

well its mostly true I guess but I can't definitely agree with you about the point that it will surely wreck ones life in the end because there are people who are lucky throughout their whole life

Gambling is meant to be fun and give you a small chance of getting big money, like a lottery ticket. It is meant to be fun, not to make your rich and fix your life, or be something that can wreck your life.

How about a different take on this question? He asks "is gambling a fix to your life or will it wreck your life", what if he is a casino owner? He takes a gamble by placing a bunch of his coins as the casino bankroll, but the chances of him making back that amount with a profit margin of at least 1% (with dice sites, anyway and in the long run) is very high, in fact the chances of him making much more is a reality. So in this situation, gambling can be a fix for his life? Even as an investor, i gamble my coins, because some lucky guy may just come and take the whole BR which will cause me to go bankrupt! As an investor, i let math work for me though, so it is a "safer" form of gambling (if there is something as such!).

Just wanted to look at the question from a different perspective and this is what i came up with! 

As most people here correctly point out, gambling can be a fun pastime if done in moderation. This is a form of entertainment that is equivalent to many others such as, a night at the movies, golf outing, day at the amusement park, and so on.

The trick is to treat it the same as the other forms of entertainment in which you have a set budget beforehand and stick with it. For example, say you are going to take your sweetheart to the fair this weekend, you would have a general idea of what you plan to spend. Say a show/concert maybe $80, some rides, food, etc another $40, maybe try your hand at a few games for another $40, and a few bucks for misc. items. Let's say you plan to roughly spend $200. Sure you might see or come across something to go over that, say you bought a couple t-shirts, but for the most part you will stick pretty close to the original amount you budgeted.

If this same strategy is used when gambling, you budget to gamble up to $200, once you hit that limit you are done. So once you lose $200, call it a night and come back later once you have had a chance to disengage yourself for awhile. A good strategy I have found is that this can work both ways. Say I go into a casino with the same $200, if I am up $200 (doubled my money) at any point, meaning I have $400, my original $200 plus winnings, I also call it a night. This way I have found over the longer term I can pocket some money on good nights rather than stick around until it is also lost.