Putting money in casinos is not really investing, but gambling. And gambling usually involves a total dependence on luck; a real investment would need to offer you some guarantees or realistic possibilities to increase your capital based on your own decisions, but this is not the case with casinos.
There is actually a certain guarantee to get profit in the long run while investing in a dice site with a house edge greater than 0%. While it's true there's a great risk it still has positive EV for the investor.
No, because 1. Most sites has costs. It´s not enough for the site to have edge, it needs to be higher than the costs. 2. The site need trafic to make a profit. 3. How do you make sure it´s not a scam? 4. You didn´t mention the price the investor is paying.
Far from all casino investments has positive EV for the investor.