Frankly, I don't see how day trading alone can be dismissed as legalized gambling - all stock trading qualifies as this. You stick your money in a stock, and pray the stock is going to do well. You can make an informed or educated guess as to how well the market and that company will perform, but that is nothing more than a guess. If you don't like day trading because it's equivalent to gambling, then stay away from ALL stocks!
Point number two: every single major brokerage house puts a large percentage of their clients money in day trading accounts. All the talk you hear about long term investments is bull. Every major brokerage knows they have to put their hands in all the pots.
Point number three: Sure, many people who have tried day trading have basically thrown all their money down the toilet. Day trading should only be undertaken by a person who is VERY experienced in the nuances of the market. Several years of experience as the minimum. Most good day traders lost quite a bit of money in their early going. The ones who stick it out make quite a bit of dough.
Point number four: The stock market needs day traders. Many people love to hate day trading and blame market volatility on it, but market insiders realize it's just another side of the house of cards that keeps the market going.