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Inside the brain of a gambling addict - BBC NewsNov 19, - Speculation and gambling are two different actions used to increase wealth. Gambling refers to wagering money in an event that has an uncertain outcome in hopes of winning more money, whereas speculation involves taking a calculated risk in an uncertain outcome. Jul 19, - Gambling income is income as a result of games of chance or wagers on events with uncertain outcomes (gambling). Gambling. The act of wagering on an event or a game of chance in which the outcome is uncertain. This includes card games such as poker or bets on sporting events. Professional gamblers may deduct all gambling losses against gambling income, but casual gamblers may only do so up to the amount of their gambling income. 6 7 8 9 10