Let’s start with a definition. What is gambling? Gambling is betting on something that may or might not happen in the future. Once 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 individuals 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 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 term. They can be risky although not in the same sense as gambling.

How is gambling not the same as buying insurance? Once we buy coverage, we have been betting on something that may or might not happen in the future. We don’t want to take the risk that it will happen, so we pay somebody else (the insurance company) to take the risk for us. When we buy homeowner’s insurance coverage, for instance, we are betting our house will burn down and the coverage company is betting it won’t. (Of course we hope we will not win this bet.) This isn’t best online gambling agency 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 are going to pay accordingly.

Individuals have gambled since ancient times. Alternatively, society never approved of it because it was labeled an attempt to get money without working for it. Society considered that serious effort 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 even though we are unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try 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 perhaps a bingo game for a charitable organization or possibly a lottery ticket. Some think they may beat the odds and earn a living out of gambling. You will find folks that gamble while they simply love the challenge. They look at gambling as a game of skill or problem solving and they are sure they may win. Some like the environment or even the thrill of a possible big win, or 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 are timid, we can go to a casino and boldly take chances.

Occasional gambling could be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical 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.