Well we have had an NCSoft representative posting in this thread and no mention about it against the rulings of EULA or ToS.
Only federal laws in countries...but unienaule's research shows otherwise.
And I also checked the Guild Wars rules page and didn't notice anything about gambling for virtual money...unless they updated in the past 10 minutes.
With this in mind I say this:
Come one come all!
Down the Dwarven Ale and gamble your money away!
That fissure armour you've been wanting so badly could be just a few rocks, papers, or scissors away!
So is the route that leads to "please can i have some money so i can get my super power uber unstoppable drakor's fork armour".... (hopefully those who lose won't resort to such things though)
I assure this, as long as everybody who plays is honourable, we'd have a damn good time.
And as common sense and honour goes, gamble with what you have, not with an empty storage and hoping to win the next bet.
Its also a great way to meet up with farming groups cos you'd know they won't make off with your item (depending on the size of your bets of course).
To illustrate my point:
If you play for 500g a round, and an ecto drops, there's no assurance.
If you play for 50k a round, and an ecto drops, you're pretty sure you won't get screwed over.
Choose who you gamble with wisely and flash the cash before the gamble to be safe
I won't be playing for a few days though.
Damn exams coming up.