Tournament vs gambling
<p>In law, would this be considered as gambling - an investment tournament where people pay an entree fee and then pick a portfolio of 3 stocks. After some period the top 3 portfolios share the pot of entry fees.</p>

<p>In most jurisdictions if it was called an <em>investment</em> there would be strict regulation. As a game, it could be said to be skill-based although you don't say what the winning criteria are to be (if the top portfolio is picked at random, you're gambling).</p>

gambling