Gambling can indeed provide big profits but also vice versa. We can experience big losses, especially if we can't limit the money to bet. And we must indeed weigh the risks wisely because whatever it is, we are only using gambling for fun.
If indeed he spends all that money on one bet and he really loses everything then surely it will give him a long headache but on the other hand if it is a billionaire then they will be fine and will probably just laugh like Neymar did recently where he lost quite a lot in just over an hour.
But as you said, there is a positive side to this and of course this can also be a reminder that in gambling even if the odds are very small it doesn't mean it's something that can be won easily because something like this could happen.