Let’s begin with a definition. What is gambling? Gambling is betting on something that may or may not happen later on. As 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. Many people 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 different from 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 run. They can be risky although not within the same sense as gambling.
How is gambling distinctive from buying insurance? As we buy insurance, we have been betting on a thing that may or may not happen later on. We do not want to take the risk that it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s insurance coverage, one example is we have been betting our house will burn down as well as the insurance 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 shall pay accordingly.
Individuals have gambled since ancient times. On the other hand, 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 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 even though we have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people gamble for entertainment or enjoyment, for example a night out with friends at the casino or a bingo game for a charitable organization or perhaps a lottery ticket. Some think also they can beat the odds and make a living out of gambling. There are actually those who gamble because they simply love the challenge. They look at here-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 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 have been timid, we can go to a casino and boldly take chances.
Occasional gambling could 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 you could 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.