Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen down the road. Whenever we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, horse racing, and sports where the result can’t be predicted with certainty. Some individuals will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a brand 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 coverage? Once we buy insurance coverage, we are betting on an element that may or may not happen in the future. We don’t want to take the risk that it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. As we buy homeowner’s coverage, as an example, we have been betting our house will burn down and the coverage company is betting it won’t. (Of-course we hope we will not win this bet.) This is not gambling because the risk may be calculated. The insurance coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

People have gambled since ancient times. In contrast, society never approved of it since it was labeled an effort to get money without working for it. Society believed that serious effort should pave the way to financial success. It wasn’t 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 within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or recent Aula blog post enjoyment, such as a night out with friends at the casino or possibly a bingo game for a charitable organization or a lottery ticket. Some think they can beat the odds and earn money out of gambling. You can find men and women that 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 the adrenaline rush of taking a chance. Casinos allow us to socialize and pass some time. There are 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 can go to a casino and boldly take chances.

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