Quote:
for example, if you're playing coinflips for money with a 60% return chances are you'll win on the long run but you're still a gambler.
No. Gambling is when you make a choice based on gut feeling or a belief in luck.
If you play a game as described you'll always bet on the 60% chance and just print money. A gambler would occasionally take the 40% chance 'just because'.
With a simple RoR calculation you can limit your chance of going broke to as close to zero as you want.
There's
nothing in life (not even getting out of bed and not breaking your neck the next second) that is as sure as making money in such a game over teh long run with an appropriate RoR calculation.
Now if you're playing poker and you
think you have an edge but you actually haven't -
then you're gambling.