The guys at the Sinners and Saints podcast did a show about this recently. If you'd like to listen to it, you can find it
here. They take the position that recreational gambling is acceptable for Christians but can be abused like anything else.
I agree with what they say. The fact that something can be or has been abused is no reason to call any participation in it sinful. Since the Bible doesn't directly address the topic the people who are against it turn to the use of certain "biblical principles" to "prove" that it's wrong but usually end up as hypocrites using absurd reasoning.