Background: Gambling behavior can evolve into a behavioral addiction, resulting in significant psychosocial and existential consequences. Purpose: This study aimed to explore how individuals with gambling behavior perceive and construct the meaning of life. Methods: A descriptive phenomenological qualitative study was conducted with 24 individuals engaging in regular gambling behavior in the Kyrenia district of the Turkish Republic of Northern Cyprus. Participants were recruited using purposive and snowball sampling methods. Data were collected through face-to-face semi-structured interviews and analyzed using Colaizzi’s phenomenological method. Results: Four main themes emerged from the analysis: multidimensional losses, the perception of life as meaningless, maladaptive coping mechanisms, and the reconstruction of meaning in life. The results highlight that gambling-related harm extends beyond economic and social dimensions, encompassing deeper existential struggles and individuals’ efforts to make sense of their lives. Conclusion: Gambling behavior should be understood as a multidimensional phenomenon that extends beyond addiction, encompassing existential distress and meaning-making processes. Interventions that integrate psychosocial and meaning-centered approaches may enhance recovery and improve overall well-being. Implications for Nursing: Nurses should incorporate meaning-centered and psychosocial approaches into care by assessing individuals’ sense of meaning, coping patterns, and emotional well-being. Addressing existential distress and stigma, while promoting adaptive coping and supportive therapeutic relationships, may enhance recovery outcomes.