Is gambling wrong? This question has not been as easy to answer as I thought it would be, namely because I look at a slot machine and say, “bad” but then see the exact same behavior in the stock market, which others call “not bad.”
If you start with a casino being bad, you can easily make your way to the fact that the stock market is bad, too. And if you start with the stock market being good, you can backpedal into a casino being good.
Here is an abstract version of the question: given an uncertain future, is it wrong to look for ways to make profit through superior strategy?
Wealth gained hastily will dwindle, but whoever gathers little by little will increase it. (Prov 13:11)
It is very easy to create a false paradigm for predicting the future, when dealing with uncertain scenarios. Therefore realms of uncertainty contain high amounts of foolish thinking.
In some cases, there are only false paradigms (i.e. the future is completely unpredictable). Here, any attempt at prediction is foolish.
However, the world is filled with pockets of uncertainty, that reward accurate prediction.
From Jim Paul (What I learned losing a million dollars):
- speculators: root is to anticipate or see the future. Speculators are buying for resale rather than for use or income. They part with capital in the expectation of capital appreciation. Speculation is the systematic application of the mind to the problem of an uncertain future.
- bettors: betting is an agreement between two parties where the party proved wrong about the outcome of an uncertain event will forfeit a stipulated thing of value to the other party. A bet is about being right or wrong.
- gamblers: gambling is a derivative of betting, except the motivation is not being right but being entertained. Winning is desired only in that money is needed to keep playing.