Arizona defines gambling as “…one act of risking or giving something of value for the opportunity to obtain a benefit from a game or contest of chance or skill or a future contingent event but does not include bona fide business transactions which are valid under the law of contracts including contracts for the purchase or sale at a future date of securities or commodities, contracts of indemnity or guarantee and life, health or accident insurance.”
Thus, if you are risking cash on something that is not a business investment, stock market investment, or purchase involving a contract, then it is considered gambling. Even a game of skill that has a degree of chance is considered gambling. Luckily, most forms of gambling are legal in Arizona.