What, gambit are you talking about? There are several gambits that do several things! Some lead to positional dominance, others to immediate attack. But in some you sooner or later get the pawn back, while others are out-rightly crazy.
What is good about gambits?
Usually, gambits sacrifice a pawn, and you would get a better position after, for example, you could have good development or a strong center. I play a gambit, but it is not common one.
I suggest this one, because no one ever studies it. Therefore, I have won 90% of the games with this opening.
Here is one of my games against a 1264. I am white, and this is a tournament game.
Black made a lot of blunders. You might think 3..d6 for black is the best move, but 3..d5 is really the best. So the best defense against it is:
Another good defence is playing 2..Nc6, and after 3.f4, black can reply with 3..exf4 4. Nf3 g5 and a future ..h6.
Like others have mentioned, gambits are a sacrifice of material (pawns or a piece) to gain an advantage in development, a strong pawn center, or a positional advantage (e.g. Benko Gambit).

Some gambits will pay off in a better endgame. Structure!
See Benkö - exchanging pieces helps Black!

@Chessguy405 - I actually really like that gambit. I'm a king's gambit player myself but that move order honestly seems like it might be better for white.

Usually, gambits sacrifice a pawn, and you would get a better position after, for example, you could have good development or a strong center. I play a gambit, but it is not common one.
I suggest this one, because no one ever studies it. Therefore, I have won 90% of the games with this opening.
Here is one of my games against a 1264. I am white, and this is a tournament game.
Black made a lot of blunders. You might think 3..d6 for black is the best move, but 3..d5 is really the best. So the best defense against it is:
Thank you. That really helps. I will try it out.

I'm wondering what gives you the advantage when you do a gambit. I've never played one myself, though accepted and declined many throughout the games I play.
Thank you for your help. Very interesting.

Usually, gambits sacrifice a pawn, and you would get a better position after, for example, you could have good development or a strong center. I play a gambit, but it is not common one.
- Three super examples thanks for sharing 👍

I find thaem useful in blitz games esp vs novice/intermediate players -if a player is unfamiliar with them they also waste time at the start of the game trying to figure things out giving me more time to spare in the more complex middle/end game. Against a really good player a gambit can backfire at times...if theyre familiar with it.

Some gambits will pay off in a better endgame. Structure!
See Benkö - exchanging pieces helps Black!
Ok, but this a one of a kind example I think?
Mostly gambits accelerate development.
Usually, gambits sacrifice a pawn, and you would get a better position after, for example, you could have good development or a strong center. I play a gambit, but it is not common one.
I suggest this one, because no one ever studies it. Therefore, I have won 90% of the games with this opening.
Here is one of my games against a 1264. I am white, and this is a tournament game.
Black made a lot of blunders. You might think 3..d6 for black is the best move, but 3..d5 is really the best. So the best defense against it is:
I am randomly posting this

Gambits are usually used to facilitate development or get a space advantage.
Some gambits are not ' true ' as the gambit pawn can be returned/ cannot be kept. Sometimes returning a pawn is actually a good idea.
Others are just blatantly stupid.

I am pretty sure you don't sacrifice a minor piece in a gambit, right? And a sacrifice could be any piece, maybe even a pawn. But yes, you do sacrifice a pawn in a gambit.
I'm wondering what gives you the advantage when you do a gambit. I've never played one myself, though accepted and declined many throughout the games I play.