Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or may not happen down the road. When 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 cannot be predicted with certainty. Some people will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a whole new York City airport?

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

How is gambling different from buying insurance? Once we buy coverage, we have been betting on a thing that may or might not happen in the foreseeable future. We do not want to take the risk that it shall 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 have been betting our house will burn down as well as the coverage company is betting it will not. (Of-course we hope we won’t win this bet.) This isn’t gambling because the risk can be calculated. The coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

Individuals have gambled since ancient times. On the contrary, society never approved of it because it was labeled an effort to get money without working for it. Society believed 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 despite the fact that we have been unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, for example 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 those that gamble given that 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 even the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You’ll find no clocks in a casino; we lose track of time; we forget all our troubles. It’s like a therapy session! If we have been timid, we will go to a casino and boldly take chances.

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