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Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen down the road. 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’t 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 brand new York City airport?
How is gambling different from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They might be risky but not in the same sense as gambling.
How is gambling different from buying insurance coverage? When we buy coverage, we have been betting on an element that may or might not happen in the foreseeable 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. Whenever we buy homeowner’s insurance, by way of example, we are betting our house will burn down and also the 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 shall pay accordingly.
People have gambled since ancient times. In contrast, society never approved of it because it was labeled an effort to get money without working for it. Society believed that serious effort 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 are unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. A lot of 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 website ticket. Some think they may beat the odds and earn a living out of gambling. There are actually those who gamble because 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 even the thrill of a possible big win, or perhaps 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 are timid, we will go to a casino and boldly take chances.
Occasional gambling could be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that one can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.
