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Let’s start with a definition. What is gambling? Gambling is betting on an issue that may or may not happen in the foreseeable future. When we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, horse racing, toto and sports where the result can not 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 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 anticipate to come out ahead within the long run. They may be risky but not within the same sense as gambling.

How is gambling distinctive from buying insurance? As we buy coverage, we are betting on an element that may or may not happen in the future. We do not 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, as an example, we have been betting our house will burn down and also the insurance company is betting it won’t. (Of-course we hope we will not win this bet.) This isn’t gambling because the risk may be calculated. The insurance 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 working 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 despite the fact that we have been unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some individuals 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 possibly a lottery ticket. Some think they can beat the odds and earn a living out of gambling. You can find people that 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 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. You will 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 will go to a casino and boldly take chances.

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

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