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Betting Exchange Explained - Using Betfair Example Definition of gambling: Betting (wagering) that must result either in a gain or a loss. Gambling is neither risk taking in the sense of speculation (assumption of substantial short-term risk) nor investing. The list of Gambling definitions helps to quickly define Gambling and get the meaning with synonyms and sample usage. 5. to take a chance on; venture; risk: I'm gambling that our new store will be a success. –noun 6. any matter or thing involving risk or hazardous uncertainty.