Risk vs. Gamble. Very aligned, but so far apart. 

Risk = poker; Gamble = roulette

For me, when a decision comes up, the first thing we should think about is, 'is this a risk decision or a gamble decision?' 

How I view the two... 

If it's "risk," I should think through each scenario and assign a probability to it. Then, mentally use a mind-map model of 'if-then' scenarios to understand what the probability of each outcome (positive or negative) is. 

You need experience, intuition, or guidance to grasp the "range of probabilities."  

There is a spectrum with all outcomes. Based on X, your outcome will fall within the Y range. It allows me to clearly think through each scenario and then ask.... 

1. Am I okay with and prepared for the likely scenarios? 

2. What will the positive outcomes mean? Am I prepared? 

3. What will the negative outcomes mean? Am I prepared? 

This thinking helps you prepare for the downside, or even avoid mistakes. 

Poker...you have pocket 10s, you bet $1. The other person goes all-in for $5. 

You don't *KNOW* what they have, but... based on a variety of factors and intuition, you can put a range of probabilities on their hand to make your decision of whether to call or fold. You broke down the probabilities so your decision is binary: call or fold. 

Hand history, betting history, betting style, breathing pace, speech, pot size, frequency of action, cards already seen, etc. 

Gambling, on the other hand, is making a $1 bet on red 12 because it took you 12 steps to get to the table. 

You have zero control over the outcome; you have a massive range of likely outcomes, and most importantly, each outcome is equal or random.

I like playing games where I have an unfair advantage. 

Poker is risky, but it's a game of skill with luck involved.

Roulette is risky because you are gambling. 

Take risks in business; don't gamble.