Yeah, that's just not right. There are 3 questions to determine gambling: whether you pay something to play, whether there is a game of chance (a random number generator) and whether the game pays out something of value. Considering companies are making billions on virtual goods, I'd argue that a virtual good counts as a thing of value, and when tied to a random number generator (e.g., a loot box or virtual slot machine) then it's gambling (assuming it's pay to play).
I think where the connection to gambling falls down is the “pay to play” aspect.
That you are never forced to pay is a defining aspect of “freemium”. You are always given the choice to wait out the timer/watch an ad for your next upgrade/level/continue/bonus/lootbox, rather than pay.
