Gambling can be defined as “risking money in an attempt to multiply the money on something that is against the odds”. The Bible does not specifically condemn gambling, betting, or the lottery....that I have seen. HOWEVER The Bible does warn us, however, to stay away from the love of money (1Timothy 6:10; Hebrews 13:5).
1 Timothy 6 10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
Hebrews 13 5 Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Scripture also encourages us to stay away from attempts to "get rich quick" (Proverbs 13:11; 23:5; Ecclesiastes 5:10).
Proverbs 13 11 Wealth gotten by vanity shall be diminished: but he that gathereth by labour shall increase.
Proverbs 23 5 Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven.
Ecclesiastes 5 10 He that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase: this is also vanity.
Also, there are far better things we can be doing with our money than gambling it away (Luke 6:38; 2Corinthians 9:7). In light of these principles, I definitely do not believe gambling is honoring to God.
Luke 6 38 Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be measured to you again.
2 Corinthians 9 7 Every man according as he purposeth in his heart, so let him give; not grudgingly, or of necessity: for God loveth a cheerful giver.