Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or might not happen down the road. When 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. Some individuals 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 different from 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 run. They might be risky but not in the same sense as gambling.
How is gambling not the same as buying insurance coverage? Whenever we buy insurance coverage, we have been betting on a thing that may or may not happen in the future. We don’t want to take the risk which it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Once we buy homeowner’s insurance, by way of example, we have been betting our house will burn down and the insurance coverage company is betting it won’t. (Of-course we hope we will not win this bet.) This isn’t gambling since 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.
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 considered 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 despite the fact that we are unlikely to win within the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or perhaps a official lottery ticket. Some think also they can beat the odds and earn money out of gambling. You’ll find 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 taking a chance. Casinos allow us to socialize and pass some time. You will 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 could 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 which you can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure to set limits and keep to the limits you’ve got set.
