Let’s begin with a definition. What is gambling? Gambling is betting on an issue 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 not be predicted with certainty. Some 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 not the same as buying stocks and bonds? Stocks and bonds will be considered investments and not gambles because we can reasonably expect to come out ahead within the long term. They can be risky although not within the same sense as gambling.
How is gambling distinctive from buying coverage? Once we buy insurance, we have been betting on an element that may or might not happen in the foreseeable future. We don’t want to take the risk which it will happen, so we pay somebody else (the insurance company) to take the risk for us. Once we buy homeowner’s insurance coverage, for example, 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 won’t win this bet.) This is not gambling since the risk can 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 will pay accordingly.
People have gambled since ancient times. Conversely, society never approved of it since 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 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 run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. A lot of people gamble for entertainment or enjoyment, for example 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 may beat the odds and make a living out of gambling. You can find people who gamble while they simply love the challenge. They look at gambling as a game of skill or problem-solving and they are sure they can win. Some like the environment or perhaps the thrill of a possible big win, or perhaps the adrenaline rush of going for Alexistogel 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 have been 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 may lose control and become so fanatical that you may 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.