Gambling has attracted people since ancient times. This empirical paper surveys and investigates the nature of corporate speculation done by Danish non-financial companies on the currency markets. The empirical results show that such speculation is widespread and that the extent of speculation is positively linked to the size of the company, to the degree of foreign involvement, and to the conservatism of the capital structure. The empirical results also show that if a person (often the founder or his relatives) is the largest shareholder in the company, the extent of speculation is reduced. The results are import in understanding the gap between a widespread corporate practice of speculation and a theoretical and empirical literature that leaves little support for such speculation.