An investment is when, after you have done your research and the math, you have a positive expected value of a return.

Gambling is when, after you have done your research and the math, you have a negative expected value of a return. Or you didn’t do the research and the math.

People gamble dispite the belief of a negative return because it would just be so damn great if I did win all that money. They either overlook the reality or treat it like entertainment.