Betting the farm can actually be a serious problem for some people. Compulsive and habitual gambling can destroy a person's life. He likely suffers personal problems and financial ruin, with problem gambling sometimes leading to a life of crime.
A compulsive, or pathological, gambler is someone who is unable to resist his or her impulses. This can lead to severe consequences. The urge to gamble becomes so great that tension can only be relieved by gambling more and more.
Sufferers are often unaware, or in denial, of having a problem. The step toward addressing the gambling is admitting there is a problem. For some people, this awareness comes only when they reach rock bottom.
This was formerly a compulsive disorder, and now considered an addiction disorder in the DSM-5.