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Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or may not happen down the road. 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 not 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 expect to come out ahead within the long run. They might be risky although not in the same sense as gambling.
How is gambling not the same as buying coverage? Whenever we buy coverage, we have been betting on a thing that may or may not happen later on. We don’t want to take the risk which it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. As we buy homeowner’s coverage, for instance, we have been betting our house will burn down and the insurance coverage 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 coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we’re going to pay accordingly.
Individuals have gambled since ancient times. However, society never approved of it because it was labeled an attempt to get money without doing work for 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 attempt to make their financial dreams come true. Some people gamble for entertainment or enjoyment, trusted lotto dealers 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 also they can beat the odds and earn money out of gambling. There are actually men and women that gamble while 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 perhaps the thrill of a possible big win, or the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. There are 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 possibly be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical you can 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.
