Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or may not happen later on. Whenever 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 not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They may be risky but not in the same sense as gambling.

How is gambling not the same as buying coverage? When we buy coverage, we are betting on a thing that may or may not happen down the road. We don’t want to take the risk which it shall happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner’s insurance coverage, one example is we are betting our house will burn down as well as click the next webpage coverage company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling since the risk can be calculated. The coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

People have gambled since ancient times. In contrast, society never approved of it because it was labeled an attempt to get money without working for it. Society believed that hard work 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 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. A lot of people 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 perhaps a lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You will 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 they may 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. There are 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 careful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical you could ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you’ve got set.