I wouldn't go that far and say that it is gambling, there is a huge random factor in it but difference is you don't lose everything.
Gambling isn't Gheed anymore. It's using gold, crafting supplies, etc. to make crafted items with random mods. That's where luck will come in to play. But, casinos have been making piles of money for ages and people still enjoy them and people who don't enjoy them can stay home. So it sounds win-win to me!