Let’s start with a definition. What is gambling? Gambling is betting on an issue that may or may not happen in the foreseeable future. As we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on best 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 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 within the long haul. They could be risky but not within the same sense as gambling.

How is gambling not the same as buying insurance? Once we buy insurance, we are betting on something that may or might not happen in the foreseeable future. We don’t want to take the risk which it will happen, so we pay somebody else (the insurance company) to take the risk for us. Whenever we buy homeowner’s insurance coverage, for example, we have been betting our house will burn down and the insurance 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 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. Conversely, society never approved of it because it was labeled an attempt to get money without doing work 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 are unlikely to win within the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. A lot of people gamble for entertainment or enjoyment, such as a night out with friends at the casino or 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 will discover folks that gamble since 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 perhaps 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. 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 will go to a casino and boldly take chances.

Occasional gambling could be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that you could 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.