When does calculated risk taking end and gambling begin?

Question

Horse racing punters do a lot of research. Could it be changes made with not much time left. Do they let intuition, override their judgement, based on their earlier research.

Answer 1

Calculated risk taking ends when calculations aren't done.  Gambling begins when you have to bet even though you haven't done your homework.

Answer 2

when we wake up in the am its a gamble the rest of the day...