In the mornin' you go gunnin' for the man who stole your water
And you fire 'til he is done in but they catch you at the border
And the mourners are all singin' as they drag you by your feet
But the hangman isn't hangin' and they put you on the street
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
When you know she's no high climber then you find your only friend
In a room with your two-timer, and you're sure you're near the end
Then you love a little wild one and she brings you only sorrow
All the time you know she's smilin' you'll be on your knees tomorrow, yeah
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
Now you swear and kick and beg us that you're not a gamblin' man
Then you find you're back in Vegas with a handle in your hand
Your black cards can make you money so you hide them when you're able
In the land of milk and honey, you must put them on the table, yeah
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
And you fire 'til he is done in but they catch you at the border
And the mourners are all singin' as they drag you by your feet
But the hangman isn't hangin' and they put you on the street
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
When you know she's no high climber then you find your only friend
In a room with your two-timer, and you're sure you're near the end
Then you love a little wild one and she brings you only sorrow
All the time you know she's smilin' you'll be on your knees tomorrow, yeah
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
Now you swear and kick and beg us that you're not a gamblin' man
Then you find you're back in Vegas with a handle in your hand
Your black cards can make you money so you hide them when you're able
In the land of milk and honey, you must put them on the table, yeah
You go back, Jack, do it again, wheel turnin' 'round and 'round
You go back, Jack, do it again
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@bazooka27 Much closer to what I hear (though I still think each verse is about a different character). I think in the second verse he doesn't take up a new girlfriend, he picks up a "little wild" tart (perhaps to punish his old girlfriend -- "I'll show her i can cheat, too"). The tart takes him for money and possibly has blackmail on him for the future.