Let’s begin with a definition. What is gambling? Gambling is betting on an element that may or may not happen later on. As 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. 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 considered investments and not gambles because we can reasonably expect to come out ahead within the long haul. They might be risky although not within the same sense as gambling.

How is gambling distinctive from buying insurance coverage? As we buy coverage, we are betting on an issue that may or may not happen down the road. We do not want to take the risk that it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s insurance coverage, as an example, we have been betting our house will burn down and the insurance company is betting it will not. (Of-course we hope we won’t win this bet.) This isn’t gambling because the risk can be calculated. The insurance company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

Individuals have gambled since ancient times. On the flip side, society never approved of it since it was labeled an effort to get money without doing work for about his it. Society believed 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 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. Some individuals gamble for entertainment or enjoyment, such as a night out with friends at the casino or perhaps a bingo game for a charitable organization or a lottery ticket. Some think they can beat the odds and earn money out of gambling. You will discover individuals who gamble given that 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 perhaps the adrenaline rush of taking 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 can go to a casino and boldly take chances.

Occasional gambling might be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that you may ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you’ve got set.