Eye of the beholder, as others have said. I would point you to Stuart Banner's Speculation: A History of the Fine Line between Gambling and Investing https://

Eye of the beholder, as others have said. I would point you to Stuart Banner's Speculation: A History of the Fine Line between Gambling and Investing https://www.amazon.com/dp/0190623047/ https://www.amazon.com/dp/0190623047/ Excellent coverage of the history of the attempt to make a distinction.