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All gambling is probability-based, but not always the other way around. I think it is important to distinguish gambling as a hobby vs risk taking in a crowded market when running a company in the Valley. The article from what I can tell doesn’t really try to separate this, and that is certainly worth lamenting.

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I agree. Sports betting and a founder’s decision to invest in an unproven market are both technically about probabilities, but the former is a form of entertainment with a likely negative expected value, whereas the latter is a business endeavor with a positive expected value where someone influence the outcome.

I have less issue with a founder's decision to invest in an unproven market than I do with a VC or PE fund choosing to dole out money to those founders because those investors are convinced that they can win big if they pick the right horse. You're gambling your time and livelihood that you succeed, sure; hopefully you have a solid business plan. But the people around you are gambling (probably with other people's money) that you make them fabulously wealthy.

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