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Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or may not happen later on. 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 people 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 not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead in the long run. They might be risky although not within the same sense as gambling.

How is gambling distinctive from buying insurance? As we buy insurance coverage, we have been betting on an element that may or might not happen in the future. We don’t want to take the risk that it will happen, so we pay someone else (the insurance company) to take the risk for us. As we buy homeowner’s insurance coverage, for example, we are 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 link is not gambling because the risk can be calculated. The 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.

Individuals have gambled since ancient times. In contrast, society never approved of it because 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 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 term? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Many 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 possibly a lottery ticket. Some think also they can beat the odds and earn money out of gambling. You can find people who gamble since 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 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 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 are timid, we will 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 may lose control and become so fanatical that 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.