Let’s begin 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 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 brand new York City airport?

How is gambling different 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 might be risky although not in the same sense as gambling.

How is gambling not the same as buying insurance? When we buy coverage, we have been betting on a thing that may or might not happen later on. We do not want to take the risk which it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s insurance, by way of example, we are betting our house will burn down and also the insurance coverage company is betting it will not. (Of-course we hope we will not win this bet.) This isn’t gambling because the risk may 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 other hand, society never approved of it since it was labeled an attempt to get money without doing work for it. Society believed 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 have been unlikely to win in the long haul? 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 perhaps a bookie lottery online ticket. Some think they may beat the odds and make a living out of gambling. You can find 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 even 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 have been timid, we can go to a casino and boldly take chances.

Occasional gambling might 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 may 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.