Why do you object to the term “bet”? All investments are bets. Some are better bets on others. But anything with a risk/reward scenario is a bet.
So I have no problem with referring to CDS as a bet.
A strategy requires skill and a knowledge of probability.
Comparing investment professionals to a drunk tourist at a Vegas craps table may be a cute laugh for the audience, but it's an inaccurate and misleading description.
CDS-credit default swaps are known as a credit “derivative”, and a type of “specialized insurance” used by debt holders to Hedge or insure against a default...HE$$ yes it’s a bet.