..yes and no, though perhaps not for the reasons you think.
The definition of "gambling" isn't as finite as you make it out to be. Some say it's only gambling if there's a chance of getting no rewards, others say it's gambling the moment you wager money against a desired outcome. Neither of them are inherently more wrong than the other, though one is far more stringent and, by extention, more likely to prevent gambling addiction.
Remember when the AAA industry decided they weren't making enough money and invented the concept of Loot Boxes? They also didn't have a "losing scenario", and yet a whole raft of nations came to the conclusion that this was to be considered gambling because it's still "wagering money against a desired outcome". The Arena Wheel has no fundamental difference to your standard Loot Box, ergo it should be considered gambling.
Indirectly, this is what's prompted Poker to be a region-restricted thing in RDO - because, quite frankly, if it wasn't, they'd have to adhere to local gambling laws. And we all know how AAA publishers hate adhering to anything.
They can still pull a sneaky like they've done with RDO, and if the last few years are to be used as reference, that's exactly what they'll do. It'll tear what little balance is left in the game to shreds, but hey, the poor, poor Housers might just scrape enough together for another round of blow and strippers. That sounds like a joke, but it isn't. Go look that up.
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