Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or may not happen down the road. 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 people will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and collegeprojectboard.com blog entry departure times of airplanes at a whole new York City airport?
How is gambling not the same as 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 but not in the same sense as gambling.
How is gambling not the same as buying insurance? Once we buy insurance coverage, we are betting on an issue that may or might not happen later on. We do not want to take the risk which it shall happen, so we pay someone else (the coverage company) to take the risk for us. When we buy homeowner’s coverage, as an example, we are betting our house will burn down and also the insurance company is betting it won’t. (Of-course we hope we won’t win this bet.) This is not gambling because the risk can 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. Alternatively, society never approved of it since it was labeled an attempt to get money without doing work 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 even though we have been unlikely to win within the long run? 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, such as a night out with friends at the casino or 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 folks 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 perhaps the thrill of a possible big win, or perhaps the adrenaline rush of taking 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 can go to a casino and boldly take chances.
Occasional gambling could be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical you can 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.