I can only assume it is meant as" he blew all his money on gambling"
meaning a spendthrift.I find a lot of these clues are ambiguous and difficult to parse in this particular crossword.
No worries scorpiojo.Although it is more satisfying to stick to one set of clues i.e. cryptic when trying to solve this crossword I find them so ambiguous at times and take a quick peep at the quick clues to help me.In this case the quick clue was Depression(5) with ?L?E?.My Thesaurus said Blues ??
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