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. 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 not 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 new York City airport?

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

How is gambling not the same as buying coverage? Once we buy coverage, we are betting on a thing that may or may not happen later on. We don’t want to take the risk that it shall happen, so we pay someone else (the coverage company) to take the risk for us. Once we buy homeowner’s insurance, for instance, we have been betting our house will burn down and also the coverage company is betting it won’t. (Of course we hope we won’t win this bet.) This isn’t gambling because the risk can 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’re going to pay accordingly.

People have gambled since ancient times. On the flip side, society never approved of it because it was labeled an attempt to get money without working for it. Society thought that hard-work 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 despite the fact that we are unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Some 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 Alexistogel possibly a lottery ticket. Some think also they can beat the odds and make a living out of gambling. There are actually individuals 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 perhaps the adrenaline rush of taking 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 have been timid, we can go to a casino and boldly take chances.

Occasional gambling could 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.