Gambling is the wagering something of value on an event with an uncertain outcome with the intent of winning something else of value. Gambling thus requires three elements to be present: consideration, risk, and a prize.

What does it mean if something is a gamble?

A gamble is a risky action or decision that you take in the hope of gaining money, success, or an advantage over other people.

What kind of word is gamble?

As detailed above, 'gamble' can be a noun or a verb. Noun usage: The sailors had taken many gambles with the sea and always won. Verb usage: He gambled his reputation on the outcome.