Let’s begin with a definition. What is gambling? Gambling is betting on something that may or might not happen down the road. 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 not be predicted with certainty. Some people 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 will be considered investments and not gambles because we can reasonably expect to come out ahead within the long haul. They may be risky but not within the same sense as gambling.
How is gambling different from buying insurance? Once we buy coverage, we have been betting on an issue that may or might not happen in the foreseeable future. We do not want to take the risk that it will happen, so we pay somebody else (the coverage company) to take the risk for us. When we buy homeowner’s insurance, by way of example, we have been 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 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.
People have gambled since ancient times. In contrast, society never approved of it since it was labeled an effort to get money without working for it. Society thought 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 are unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. A lot of people gamble for entertainment or enjoyment, for example a night out with friends at the good online casino gambling site or perhaps a bingo game for a charitable organization or perhaps a lottery ticket. Some think they can beat the odds and earn a living out of gambling. You can find people who gamble given that 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 the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will discover 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 cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which you can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.