I would say that male dominating the gambling space is probably born out of sports, we and every one of us will come to the agreement that sports has always been a male dominated space, it is only of recent, like some few years back that, women started making their ways into sports, which i personally believe to be the reason why today, we even have some women doing gambling.
So, for me, i would say that maybe one of the reasons why we have low number of women in gambling is because of the above, that is, that it is in recent times that women started getting involved in sporting events, and if be the case, i would say that, maybe as women sports grows further as the future progresses, we might see an increase in the number of women gamblers.
So, in other words, this might mean that women are not many in gambling because gambling is high risk as you said, but they are few simply because they are just getting to discover that women can actually gamble same way men do.
The male domination was their in all the games,the most encounter game of the cricket.I had read in the news,one of the country men’s team used t-shirt was given to the women cricket team.I don’t want to mention the country name here.The women team and proved their capacity to the men team by continuous victory.Later the board give their rights to the women cricket team.But their was huge domination in the game by the male over a female.Like wise the same was in the gambling,but after ther huge population of the women get into the gambling will answer this question.Because the participants of the women now in gambling was very low.