Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the foreseeable future. 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 new York City airport?

How is gambling distinctive 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 term. They may be risky but not within the same sense as gambling.

How is gambling not the same as buying insurance? Once we buy coverage, we are betting on a thing that may or may not happen in the future. 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. Once we buy homeowner’s coverage, for instance, we are betting our house will burn down as well as the insurance coverage company is betting it will not. (Of-course we hope we will not win this bet.) This isn’t gambling because the risk can 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’re going to pay accordingly.

People have gambled since ancient times. Alternatively, society never approved of it since it was labeled an effort to get money without doing work for it. Society believed 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 are unlikely to win in the long haul? 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 possibly a online lottery ticket. Some think they can beat the odds and make a living out of gambling. There are people 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 perhaps the adrenaline rush of going for 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 can go to a casino and boldly take chances.

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