It is true that betting into negative expectancy is different from a positive expectancy. But once you have a gambling situation with a positive expectancy the situation is almost identical to investing.
One of the big lessons learned well in the gambling world is risk of ruin. You can have a clear advantage, and still go BK because a bad run hits you.
Same in the biotech world (clearly the highest risk in most investment positions). Even if you are good enough to pick stocks that are probably winners, you can't bet the farm on them because many will go BK.
The degree to which you invest vs. gamble/speculate is simply how what percentage of you bankroll you place relative to the volatility (SD for gambling) of the position (bet).
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