Let’s start with a definition. What is gambling? Gambling is betting on an element that may or may not happen in the foreseeable future. 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. Some individuals 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 will be considered investments and Alexistogel not gambles because we can reasonably anticipate to come out ahead in the long run. They may be risky although not within the same sense as gambling.
How is gambling distinctive from buying insurance coverage? When we buy insurance, we are betting on an issue that may or might not happen in the future. We don’t want to take the risk that it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. As we buy homeowner’s coverage, for example, we have been 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 insurance coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we are going to pay accordingly.
People have gambled since ancient times. In contrast, society never approved of it since it was labeled an effort to get money without working for it. Society considered 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 in 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 possibly 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. You can find folks that gamble because they simply love the challenge. They look at gambling as a game of skill or problem-solving and they are sure also they can win. Some like the environment or even 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’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 are timid, we will go to a casino and boldly take chances.
Occasional gambling may be a relaxing type of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical you 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.