Let’s start with a definition. What is gambling? Gambling is betting on an issue that may or might not happen in the future. 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. Many 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 will be considered investments and not gambles because we can reasonably expect to come out ahead in the long run. They may be risky although not in the same sense as gambling.

How is gambling not the same as buying insurance? Whenever we buy insurance coverage, we are betting on an issue that may or may not happen in the future. We do not want to take the risk that it shall happen, so we pay someone else (the coverage company) to take the risk for us. Whenever we buy homeowner’s insurance coverage, for instance, we have been betting our house will burn down as well as the insurance company is betting it won’t. (Of course we hope we won’t win this bet.) This isn’t 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 will pay accordingly.

Individuals have gambled since ancient times. On the flip side, society never approved of it since it was labeled an effort 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 term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Some individuals 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 may beat click the following page 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 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 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 could possibly be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that one can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you’ve got set.