What exactly is it about gambling that makes it as addictive ...
One reason, beside the ones you named, is that in gamling you get the reward immediately after the event has finished (and in case you have won) ... and humans enjoy such direct rewards more than for example getting paid once a month (without a direct correlation with what they have achieved).
Actually I like to place different kinds of arbitrage and also value bets, but also wouldn't call that 'gambling'. I may write another article about it when I find enough time ...
yes that's a good point, instant gratification
i certainly would consider arbitrage to be gambling either
For me the term 'gambling' expresses that a certain degree of luck/coincidence is involved. At least in theory arbitrage betting (and in the long run also value betting) is not about being lucky, but instead its pure mathematics ... By this definition it isn't 'gambling'.