Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or may not happen later on. When 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 cannot 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 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 term. They may be risky but not within the same sense as gambling.

How is gambling not the same as buying coverage? Whenever we buy insurance coverage, we are betting on an element that may or might not happen in the future. We do not want to take the risk that it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Once we buy homeowner’s coverage, as an example, we have been betting our house will burn down and the coverage company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling because the risk may 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 shall pay accordingly.

Individuals have gambled since ancient times. However, society never approved of it since it was labeled an attempt to get money without working for it. Society thought 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 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. Some people gamble for entertainment or enjoyment, such as a night out with friends at the casino or perhaps a bingo game for a charitable organization or perhaps a lottery ticket. Some think they can beat the odds and right here earn a living out of gambling. You will discover people who gamble because 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 perhaps 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. 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 form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that 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 have set.