in theory its not sound or good in any way but over the board it can be hard to face if you are not prepared
Verdict on the Blackmar-Diemer Gambit?
Which is basically the verdict for every gambit, unless it is very sound such as the Marshall or the Chartard-Alekhine
That is one odd gambit, it was not played at top level because white cannot demonstrate any clear advantage after sacrificing the e4 pawn.
It is pretty fun targeting up on that e4 pawn black has though.

The verdict according to the latest sources is that W can probably mantain rough equality with best play, at least against most defences. His main problem is that sometimes he has to choose equality in a very sterile and boring position to avoid being worse.
By the way there is no shortage of fully sound gambits(real gambits,i'm not talking about the QG). Almost all the romantic stuff is likely = with best play, and in modern practice there are tons of well known sacrifical lines currently debated as hot theory.
I was curious whether the soundness of the BDG has been proven or shwon to be nonexistent. I suppose it is only partially sound as it never appears on top level play, but that is jus a guess.