Why is it legal to buy "extended warranties" and "extra shipping insurance" when purchasing products over the internet, given that you are doing little more than gambling against your shipment going smooth, and when the product is shipped and/or passes it's extra warranty time, you are left with nothing, and needless to say, the -EV you buck is immense.

As for your explanation, I will grant that the "meta-game" justification you give is certainly valid, but for the average person, there will literally be no difference between both forms of gambling activity, especially if the person doing the stock investing is so underfunded that ruination is a certainty.

> But, it is simply naive to think that investing in the stock market and betting on sports are similar activities ..

You say "naive", I say "enlightened". Guess we're just stuck on disagreeing on that point

M.