To claim the "bets in flight" are securities, someone would have to argue that you are making money from the efforts of others (see Howey Test[1]), rather than

To claim the "bets in flight" are securities, someone would have to argue that you are making money from the efforts of others (see Howey Test[1]), rather than chance... [1] https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.