Depends on how bad your current items are. It's 1 in 10 for a rare, but can take MANY rares before you see a good one. If your items are REALLY bad, then you might be able to gamble and get a quick upgrade or two. But if they're halfway decent at all, then I would just use your gold for trying to get GG coronets, rings and/or amulets.
It is safer to sell in-game gold for runes then use runes to buy items that you need unless you want to try your luck.
Last year, during december, we had 2 or 3 days of unlimited gold but most people weren't able to gamble griffon.
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fredkid
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