One of the topics that came up during the celebrity apprentice show was how a lot of the money being raised by Annie Duke came from gamblers as that is essentially what most people see things like poker as. She then mentions that it isnâ€™t gambling as it takes skill and is like a form of investment like the stock market. Kind of an interesting take on it I thought.
I personally donâ€™t agree with that sentiment as I could then essentially say that betting on a horse race is not gambling as it takes skill to figure out the odds of a specific horse winning. For myself, the main differentiating factor between gambling and an investment is the amount of reliant you have when it comes to luck and guessing.
When it comes to investments you are usually putting money or effort into a resource where you are expected to foster it to specifically grow into something better. With a gamble you donâ€™t as you are simply just throwing something out there and waiting to see what happens as you have no real control over the matter.
So with that in mind I would say gambling isnâ€™t necessarily just say playing casino games. Rather, just the way you approach/treat even say a business opportunity can be gambling. I think thatâ€™s why it is important too that if you ever intend to spend money on a gamble you should only do it if you are fully content in possibly losing it all. With an investment, that is where Iâ€™d say you have to be prepared to be in it for the long haul.