Allow me to refine my point: It's gambling when you seek to increase your risk profile in the hope of gaining higher returns, without actually doing anything else other than "invest" the money.
I generally agree, but I don't think it's a binary. If an insured bank is 10% gambling then an index fund is 20% and roulette is 100%. And the snow derivative sounds like it's probably above 80%.
> without actually doing anything else other than "invest" the money.
I don't see why this changes whether it's gambling. Investing in a restaurant and starting your own restaurant are both very risky bets.