I consider both as gambling since I can't be guaranteed success of any ICO. The difference is gambling brings instant result either I lose or win, while ICO takes a year to know if I burned my hard-earned money in a shit project, or made a wise input. So, I'll consider gambling as an even better option for the instant result. Some exception I consider when IEO happens on Binance, Okex, Huobi, KuCoin, or Gate exchange.