Politicians, health officials, and scholars have argued that loot boxes (virtual items that can be redeemed to receive randomly selected other virtual items) in video games function as a type of gambling, and research has shown that loot box purchasing is correlated with gambling behaviors. Whether loot box purchasing shares other characteristics with gambling such as risk and protective factors, however, has not been explored empirically. This study uses data from large, random samples of American youth to regress both gambling and loot box purchasing (as well as purchasing other downloadable content) on previously established risk and protective factors of gambling. Results suggest that, aside from gender differences, loot boxes share little in common with traditional forms of gambling. The data also indicate that youth gamers are less likely to have purchased loot boxes in comparison to previously estimated adult gamer prevalence rates.