In your snow example, those guys were gambling on snow for fun. The formal weather derivative - most weather derivatives have parties (usually players in the energy market, sometimes agriculture) who have real underlying risk and aren't entering those contracts to create risk for it's own sake. It's quite hard to get a market off the ground when there is no underlying risk - people purely speculating generally don't generate enough volume to achieve liftoff. Look at Kalshi and the volume on most bets - it's tiny.
This doesnt help the gambling distinction though. What activities can take over your neurological reward mechanism? Pretty much everything, like neurotically washing your hands. So you have to factor in societal scale and amount of (potential) harm and this is where the vague debate begins. A key point is a dealer/platform, profiting from your behavior, to exclude neurotics.
A striking observation i made was, that gambling machines have deliberate delays between action (eg pull the lever) and reaction/reward for the brain to create tension and to break it with a dopamine spike. This deliberate design is how the machine exploits your brain and makes you an addict. A similar system is the endless social media feed (or even worse brainrot short videos). You scroll, you see new stuff, you identify content maybe emotionally. Its the same fast stimulus-reward cycle. Meassured in 1-2 seconds, same as gambling machines.
Buy bunch of call options? Gambling. Buy a bunch of put options for stock I already hold, somehow honorable investing.
Our entire society is based on being forced to gamble. If you don't invest your money in some capacity then inflation will eat you alive.
Too cynical. This disqualifies basically anything you can do with money. If you put it in a bank to get interest you are solidly into the not-gambling end of the scale. And I don't think an index fund is that much more to the gambling side.
Isn't that a bet that your government won't devalue your currency fast enough?
The only risk in a bank deposit is up at the "societal collapse" level. Are you really so extreme as to say that's gambling, and if so isn't having money at all a form of gambling?
If you fiddle with "investments" with the intent of making money without doing anything else, that's gambling.
Sticking money in the bank with the hope that it's still there next time you come back to it is not really gambling. You're just doing the default thing.
But that applies to having money at all. That can't be enough to call it gambling.
> expectation, intent
I understand your argument here, but I disagree. Shifting to the bank that offers the best rate is good management, not gambling. Understanding how interest works and being motivated by interest to do bog-standard money storage doesn't turn that storage into gambling.
> without doing anything else
I don't understand how this connects at all. Maybe it reflects badly on you if you want to turn money into free income, but that doesn't make it any more or less of a gamble. It's a totally different axis.
It is, because there's no choice not to gamble. You have to make choices, and none of those choices are risk-free. The options are on a scale between low-risk negative-return and high-risk high-return. But the risk is never zero - not even in FDIC insured accounts - and there's an element of randomness involved in the outcomes.
That's the point. There's no option to say "I have this store of value, and if I don't do anything with it it will retain its value forever."
It won't. So you're forced into risk assessment and randomness, not just with money but with assets in general.
This is the foundation of the economy. All non-trivial transactions are based on risk/reward estimates, and some parts of the economy can force risk and hazard on others.
It's not just a casino you can never leave, it's a casino where the management use various tricks to siphon money from your assets into their pockets without giving you any agency over what happens.
If you don't believe in that, precious metals are another way to go. I don't personally subscribe to that theory but that's the idea.
Allow me to refine my point: It's gambling when you seek to increase your risk profile in the hope of gaining higher returns, without actually doing anything else other than "invest" the money.
There are lot of value investors which sit at home do stock picking occasionally. They don't work for their money. I don't think they are gambling.
The only investors that fits your non gambling definition seems to be the active investors who take part in the companies. But most investors don't
So putting money in my savings account is gambling, but investing in businesses is not.
I suspect I misunderstand your point completely.
[1] https://en.wikipedia.org/wiki/Toe_the_line
It's possible I misinterpreted your statement though, and if so: apologies.
I say this as someone who had a lot of fun GAMBLING during the World Cup.
In certain cases you can use information asymmetry to your advantage. You know something they don't. A good example is any market dependent on public opinion surveys (eg political polling). That data can be hard to find. If you can find it faster than everybody else then you win more often. There is still some chance involved but it's more like poker than blackjack (not a great analogy but you get my drift).
Legally, it's whether the bet meets the legal definition of gambling as per the legislation applicable in your jurisdiction and any binding case law. There's no universal answer.
But from an ordinary language perspective, the difference is whether it involves an element of skill sufficient (at least in theory) to win in the long run if you possess that skill. For example:
Roulette - generally gambling
Blackjack - usually gambling these days, sometimes not if count counting is feasible
Poker - not gambling
Stock market investing - not gambling
All of the three categories are defined as gambling in pretty much all jurisdictions across the globe. However, they are classified as different types, e.g. roulette is closer to slots than poker is. Then poker can be "cash tables" vs "tournament". The main classifier difference is "game of chance" vs "game of skill", yet there are lots of nuances.
https://en.wikipedia.org/wiki/United_States_v._Scheinberg
In the distant past of 2011, offering online poker to Americans, even from overseas, brought serious Federal prison time. That was before the lobbyists got to work.
That entirely depends on the asset classes you invest in. Proper stonks? Sure, that's not gambling. But as soon as you enter the fun world of derivatives and daytrading...