Let’s begin with a definition. What is gambling? Gambling is betting on an element that may or may not happen later on. 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 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 distinctive from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably expect to come out ahead in the long run. They might be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance coverage? Once we buy insurance coverage, we have been betting on an element that may or may not happen in the future. We don’t want to take the risk which it will happen, so we pay someone else (the insurance coverage company) to take the risk for us. Once we buy homeowner’s coverage, review for instance, we are betting our house will burn down as well as the coverage company is betting it won’t. (Of course we hope we will not win this bet.) This isn’t gambling 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 will pay accordingly.
People have gambled since ancient times. Conversely, society never approved of it because it was labeled an effort to get money without working for it. Society considered 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 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, for example a night out with friends at the casino or a bingo game for a charitable organization or possibly a lottery ticket. Some think they can beat the odds and make a living out of gambling. You will discover individuals who gamble since they simply love the challenge. They look-at gambling as a game of skill or problem solving and they are sure they can win. Some like the environment or the thrill of a possible big win, or even the adrenaline rush of taking 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 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 may lose control and become so fanatical that one 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.