gamble / gambol are similar-sounding terms with different meanings (referred to as homophones). To better understand the differences, see below for definitions, pronunciation guides, and example sentences using each term. 👇
gamble: (noun) money that is risked for possible monetary gain. (noun) a risky act or venture. (verb) take a risk in the hope of a favorable outcome. (verb) play games for money.
gambol: NA
gamble: g·AE·m·b·ah·l
gambol: NA
(Examples are Wikipedia snippets under the CC ShareAlike 3.0 license. Definitions drawn from WordNet.)