Let’s start with a definition. What is gambling? Gambling is betting on something that may or may not happen in the future. 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 cannot be predicted with certainty. A lot of 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 anticipate to come out ahead within the long run. They may be risky although not in the same sense as gambling.

How is gambling distinctive from buying insurance? As we buy coverage, we are betting on an issue that may or might not happen later on. We do not want to take the risk that it will happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner’s insurance, by way of example, we are betting our house will burn down and the insurance coverage company is betting it will not. (Of course we hope we will not win this bet.) This isn’t gambling since 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 shall pay accordingly.

Individuals have gambled since ancient times. Conversely, society never approved of it because it was labeled an effort to get money without working for it. Society thought 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 within the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Many people 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 bookie lottery online ticket. Some think also they can beat the odds and earn a living out of gambling. You will discover those who gamble while they simply love the challenge. They look-at gambling as a game of skill or problem-solving and they are sure also they can win. Some like the environment or 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 actually 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 mindful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical that 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’ve got set.