Let’s begin with a definition. What is gambling? Gambling is betting on an element that may or might not happen later on. When we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on excellent online casino football games, horse racing, and sports where the result can’t be predicted with certainty. Many people 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 in the long haul. They might be risky but not in the same sense as gambling.

How is gambling distinctive from buying insurance? When we buy coverage, we have been betting on an issue that may or might not happen later on. We don’t want to take the risk that it will happen, so we pay someone else (the coverage company) to take the risk for us. Once we buy homeowner’s insurance, as an example, we have been betting our house will burn down as well as the coverage company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling since 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 flip side, society never approved of it because it was labeled an attempt to get money without doing work for it. Society considered that serious effort 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 are 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. Many people gamble for entertainment or enjoyment, for example a night out with friends at the casino or perhaps a bingo game for a charitable organization or a lottery ticket. Some think also they can beat the odds and make a living out of gambling. You will find folks that gamble while 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 perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You’ll find 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 might be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical which you can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure to set limits and keep to the limits you have set.