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 That's how the insurance industry formed. Basically people hedging risk using bets.

Insurance is gambling. 
 Insurance is actually quite interesting if you can get past the facade of the industry.

Gambling is just putting a price on future outcomes, if you do it well you can clean up as evidenced by how large insurance companies have become. 
 Insurance companies are no different to casinos. The house always wins unless you cheat or get lucky & walk away. 

Anticipating & then speculating on the future is a part of what makes us human.