Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen in the foreseeable future. When we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, learn here horse racing, and sports where the result can’t be predicted with certainty. Many people will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a new York City airport?

How is gambling different from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead within the long term. They could be risky although not in the same sense as gambling.

How is gambling distinctive from buying insurance? Once we buy insurance, we have been betting on an element that may or might not happen later on. We don’t want to take the risk which it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. As we buy homeowner’s insurance coverage, for example, we are betting our house will burn down as well as the insurance company is betting it will not. (Of-course we hope we won’t win this bet.) This isn’t gambling since the risk may be calculated. The coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we shall pay accordingly.

Individuals have gambled since ancient times. Alternatively, society never approved of it because it was labeled an effort to get money without working for it. Society considered that hard-work should pave the way to financial success. It was not until the late 1960s that states (except for Nevada which had legalized all forms of gambling earlier) started to run lotteries to raise money for worthwhile causes.

So why do we gamble even though we have been unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people gamble for entertainment or enjoyment, such as a night out with friends at the casino or possibly a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and earn a living out of gambling. There are people who gamble because they simply love the challenge. They look-at gambling as a game of skill or problem-solving and they are sure they can win. Some like the environment or even the thrill of a possible big win, or perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will find no clocks in a casino; we lose track of time; we forget all our troubles. It’s like a therapy session! If we are timid, we will go to a casino and boldly take chances.

Occasional gambling may be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical which you can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you have set.