Don't be ridiculous. Insurance companies exchange a guaranteed coverage of some risk at a calculated cost by pooling risk. Gambling is a repeated game tilted th

Don't be ridiculous. Insurance companies exchange a guaranteed coverage of some risk at a calculated cost by pooling risk. Gambling is a repeated game tilted the house's favour where the players can lose big with every turn of the wheel. There is nothing guaranteed to the players other than the fact that over a long enough time frame they will certainly lose and over short times they may also lose. It should be noted of course that gambling is generally not illegal as long as the government (read: the people) is benefiting. Whether one agrees with gambling as a tax or not is another discussion. Unregulated gambling is typically illegal because it benefits no one.