Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or may not happen in the foreseeable future. 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 brand new York City airport?
How is gambling different from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They might be risky although not within the same sense as gambling.
How is gambling different from buying insurance? Whenever we buy insurance coverage, we have been betting on an issue that may or may not happen down the road. 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. As we buy homeowner’s insurance, for instance, we have been betting our house will burn down and the coverage company is betting it will not. (Of course we hope we will not win this bet.) This is not gambling because the risk may be calculated. The 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. Alternatively, 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 haul? 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 perhaps a lottery ticket. Some think they may beat the odds and earn a living out of gambling. You can find folks that gamble given that 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 On this page 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 may 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 you could ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you have set.
