Gambling and unregistered securities are fundamentally very different things. Gambling is activity where usually house is guaranteed to win, and player is guara

Gambling and unregistered securities are fundamentally very different things. Gambling is activity where usually house is guaranteed to win, and player is guaranteed to lose. Unregistered securities are just securities, but not government approved. Generally it is believed that unregulated securities are way more risky. However also government approved securities can be scams or bad investments.