What is the ruling on gambling, given that it involves profit and loss like trade?

Question : Trade is permissible. Yes.

Answer : Yes, if someone brought up the point that a person who buys a commodity might profit or might lose, we would say that this profit and loss is not a consequence of the contract itself, but is due to an external factor, not between the contracting parties. This is an external matter, outside the scope of the contract and outside the earnings of the contracting parties. However, the gambling contract itself is a contract of gharar (excessive uncertainty in a contract).