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So now there are also volatility cards available for the ETH and EOS markets. I hope that they will also add other cryptos besides USDT and BTMX soon to buy these cards.

Right, as per the announcement they have launched Volatility cards for ETH and EOS as well. And awards are also good.

How these volatility cards works? If I expect ETH to move beyond 3% range then should I buy turtles card or bunny card?

You will have to get the card that is in the range of the prediction you think the market will move in the next hours and it also expires after the hours has passed.

Essentially when the prediction doesn't go your way you lose out right?

Yes, It's really one risky and at the same time exciting because you know that it's a 50/50 chance to win the contest. I really can't wait to see it and hoping that it will going to go on our way.

Can we call this 50/50chance some form of gambling or is it something totally different from gambling?

For me we can call it a gambling but I'm just thinking about what if they can manipulate it too? I mean they will control the result depends on which side get more votes or predicitons?