Let’s start with a definition. What is gambling? Gambling is betting on an element that may or may not happen later on. Once 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’t 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 whole 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 expect to come out ahead in the long term. They could be risky although not within the same sense as gambling.
How is gambling different from buying coverage? As we buy insurance coverage, we are betting on something that may or may not happen in the future. We don’t want to take the risk that it will happen, so we pay somebody else (the insurance company) to take the risk for us. Whenever we buy homeowner’s insurance coverage, for example, we have been betting our house will burn down and the coverage company is betting it won’t. (Of-course we hope we won’t 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’re going to pay accordingly.
Individuals have gambled since ancient times. On the flip side, society never approved of it because it was labeled an effort to get money without working 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 in the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and 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 possibly a lottery ticket. Some think they may beat the odds and make a living out of gambling. There are individuals 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. You can find 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 will go to a casino and boldly take chances.
Occasional gambling might be a relaxing type of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, make sure to set limits and keep to the limits you have set.