Can someone help me understand the point of cloud-mining and why anyone would buy a cloud-mining contract? For every one I've looked at, the cost of the contract far outweighs the amount of bitcoin that would be mined, so why do people buy these contracts?

The only way I can see it 'could' be beneficial is if you purchased a contract some time in the future at a fixed price, and by the time your mining contract begins the value of bitcoin has risen significantly and outweighs the cost of the contract - or is that the point, like some sort of gamble?