In part, in part not. Insurance and gambling are inherently similar—they’re both negative-sum games taken alone. (Insurance can become positive sum when one considers what one is protecting.) Investing and gambling are fundamentally different—the former is a positive-sum game.

That doesn’t mean you can’t gamble in the stock-market. Options are, for a non-hedging buyer, negative sum. Someone day trading meme stocks, similarly, would be expected to lose their money in the long run. On the other side, a professional poker player may be able to play a gambling game as a non-gambler.

So no, differences aren’t blurring. But awareness is, and companies like Kalshi are predating on that.