As far as universal guiding principles, there is no right or wrong. Gambling, like everything else, isn't good or bad, it just is. I took a class on evolution once where gambling came up as an adaptive tool. When you reduce gambling you get the word risk. Should I take a risk or not? Evolutionarily risks pay off. Why shouldn't that equate to a modern practice of gambling? Why should taking risks with what we own be unethical?

Gambling is like any other trade. We put money in and expect to get something more out of it. I pay 20 dollars for a chair with the expectation that the chair is worth more to me than 20 dollars. I of course run the risk that the chair is really a piece of junk. How is it any different with a gambler? I put 20 dollars into the pot because I'd rather have the possibility for the pot. The only difference is the level of risk. It is more likely I won't get the pot than the chair will collapse under me tomorrow.

We think gambling is something bad because we hear the terrible stories of people losing their houses. But what about business executives who gamble their companies on some risky trade. Are they really any different? I would think that scenario is worse, they are gambling the livelihoods of all their employees

Gambling is not the same as taking a risk. Taking risks in general can take different forms. One must consider not just the chances, but also the benefit and loss. In evolution risks pay off because failure merely means the loss of a few specimens while the benefit of success may be the creation of better conditions that would benefit all. Risk-taking in business can be measured by the same standards, some risks may be reasonable, while others may be irresponsible.

However, when it comes to gambling, usually there is a basic unfairness involved. Gambling businesses need to profit, so games are always designed so that the chances are biased against the gambler. Taking into account the chances of success and failure and factoring in the gain and loss, the average outcome for the gambler is loss. In other words, from a rational point of view, the gambler is a fool for gambling and the gambling business is taking advantage of the gambler's ignorance and profiting from it. The fact that this irrational and destructive activity is also addictive makes gambling a rather questionable business.

When gambling is done on equal footing, like in a game of poker, perhaps it may be considered more like a kind of a sport. However, the addictive element is still present in such cases.

And then there is another element -- wanting to make easy money. Such motives are associated with greed and laziness, which are not exactly regarded as virtues. In contrast, risk-taking in business involves research and can be regarded as "work", thus be considered a decent way of earning money, especially since it is usually meant to bring some additional benefit -- it is not just a leisure activity.