The Bible contains no specific command to avoid gambling. However, the Bible does contain timeless principles for living a life pleasing to God and is filled with wisdom to deal with every situation, including gambling.
Although the words "gambling" and "gamble" do not appear in the Bible, we cannot assume that an activity is not a sin simply because it is not mentioned. Looking at pornography on the Internet and using illegal drugs are not mentioned either, but both violate God's laws.
Here's a few passages in the bible that concerns money: "Those who love money will never have enough. How meaningless to think that wealth brings true happiness! The more you have, the more people come to help you spend it. So what good is wealth---except perhaps to watch it slip through your fingers! (Ecclesiastes 5:10-11)
"No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve both God and money" (Luke: 16:13).
"For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows" (1 Timothy 6:10).
People should be wise stewards of everything God gives them, including their time, talent and treasure. If you have extra money you should invest it in the Lord's work if you are a believer or save it for an emergency, rather that lose it in games in which the odds are stacked against you in the long run.
Gambling also has the potential to turn into an addiction, like drugs or alcohol. This addiction can destroy the stability of the family, lead to job loss, and cause a person to lose control of their life: A passage in the bible says, "You are a slave to whatever controls you" (2 Peter 2:19).
Some argue that gambling is nothing more than entertainment, no more immoral than going to a movie or concert. People who attend movies or concerts expect only entertainment in return, however, not money. They are not tempted to keep spending until they "break even."
Finally, gambling provides a sense of false hope. Participants place their hope in winning, often against astronomical odds, instead of placing their hope in God. Throughout the Bible, we are constantly reminded that our hope is in God alone, not money, power, or position: "Let all that I am wait quietly before God, for my hope is in him" (Psalm 62:5). "Teach those who are rich in this world not to be proud and not to trust in their money, which is so unreliable. Their trust should be in God, who richly gives us all we need for our enjoyment" (1 Timothy 6:17).
Every leisure activity is not a sin, but all sin is not clearly listed in the Bible. Added to that, God doesn't just want us not to sin, but he gives us an even higher goal. The Bible encourages us to consider our activities in this way: You say, "I am allowed to do anything"---but not everything is good for you. And even though "I am allowed to do anything," I must not become a slave to anything" (1 Corinthians 6:12)
When an activity is not distinctly described as sin in the Bible, we can ask ourselves these questions: "Is this activity beneficial for me or will it become my master? Will participation in this activity be constructive or destructive to my Christian life and witness?"
The Bible does not explicitly say, "Thou shalt not bet on the horses." Yet by gaining a thorough knowledge of the Scriptures we have a trustworthy guide for determining what pleases and displeases God.
So in conclusion I would say the activity of gambling is not a sin...however after what has been said in this post...you are better off not to gamble and if you do, be very very careful not to have it control your life and ruin you financially and well as socially which will have the potential to lead you to sin.
Stephen hawking 
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