Let’s begin with a definition. What is gambling? Gambling is betting on something that may or may 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 can not be predicted with certainty. A lot of people 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 different from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They may be risky although not in the same sense as gambling.

How is gambling distinctive from buying insurance? Whenever we buy insurance, we are betting on something that may or may not happen later on. 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. When we buy homeowner’s insurance, one example is we are betting our house will burn down and the insurance company is betting it won’t. (Of-course we hope we won’t win this bet.) This isn’t gambling since 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 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 believed 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 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 try to make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the online casino or perhaps a bingo game for a charitable organization or possibly a lottery ticket. Some think they may beat the odds and make a living out of gambling. There are actually 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 even 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 have been timid, we will go to a casino and boldly take chances.

Occasional gambling may be a relaxing type of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you’ve got set.