Let’s begin with a definition. What is gambling? Gambling is betting on something 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 casino games, horse racing, good online football 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 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 anticipate to come out ahead in the long run. They could be risky although not in the same sense as gambling.

How is gambling distinctive from buying coverage? When we buy insurance coverage, we are betting on a thing that may or may not happen in the foreseeable future. We don’t want to take the risk which it shall happen, so we pay someone else (the coverage company) to take the risk for us. As we buy homeowner’s coverage, one example is we are betting our house will burn down as well as the coverage company is betting it won’t. (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 will pay accordingly.

Individuals have gambled since ancient times. In contrast, society never approved of it because it was labeled an effort to get money without working for it. Society believed 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 are 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 people gamble for entertainment or enjoyment, such as a night out with friends at the casino or a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and earn money out of gambling. You will discover those 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 even 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 are 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 that one can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you have set.