There are two ways you can interpret your question - Is it morally wrong, or is it bad?
The answer to the first question is no. It is meant to be an entertainment. Think of your losses as payment for the experience. If you're lucky, you'll get the experience for free and possibly make some money. But don't use this as an excuse to continue gambling after losing.
My answer for the second question is variable. How strong is your self control? Only Gamble what you are willing to lose. Are you willing to pay (lose) thousands of dollars for a stressful experience and the chance to win more? Can you afford to pay it?
It depends on your moral viewpoint. Some people are religious and think that Gambling is a sin or "haram" as the Muslim say, so in their worldview gambling is forbidden. Personally I think all that matters is how much you can control yourself. Gambling in itself is just a game that you can play just like any other game like a videogame, but with real money, and as long as you control yourself and don't put a lot of money into the bets, you can have fun and not make a problem out of it.
