gambol, gamble

The words gambol, gamble sound the same but have different meanings and spellings. Why do gambol, gamble sound the same even though they are completely different words?

The answer is simple: gambol, gamble are homophones of the English language.

gamble
  1. :: verb-transitive

    To expose to hazard; risk: gambled their lives in a dangerous rescue mission.

  2. :: verb-intransitive

    To bet on an uncertain outcome, as of a contest.

  3. :: verb-intransitive

    To play a game of chance for stakes.

  4. :: verb-intransitive

    To take a risk in the hope of gaining an advantage or a benefit.

gambol
  1. :: verb-intransitive

    To leap about playfully; frolic.

  2. :: noun

    A playful skipping or frolicking about.

Definitions from The American Heritage® Dictionary of the English Language, 4th Edition and Wordnik.

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About Homophones

Homophones (literally "same sound") are usually defined as words that share the same pronunciation, regardless of how they are spelled.

If they are spelled the same then they are also homographs (and homonyms); if they are spelled differently then they are also heterographs (literally "different writing").