Let’s start with a definition. What is gambling? Gambling is betting on something that may or may not happen in the foreseeable future. When 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 whole new York City airport?

How is gambling not the same as 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 run. They may be risky although not within the same sense as gambling.

How is gambling different from buying coverage? Once we buy insurance coverage, toto 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 company) to take the risk for us. Once 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 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.

Individuals have gambled since ancient times. On the contrary, society never approved of it since it was labeled an effort to get money without doing work for it. Society considered 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 are 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. A lot of people gamble for entertainment or enjoyment, for example a night out with friends at the casino or perhaps a bingo game for a charitable organization or possibly a lottery ticket. Some think they may beat the odds and earn money out of gambling. You can find individuals that gamble since 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 the thrill of a possible big win, or even the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. There are actually 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 can 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 that one can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure to set limits and keep to the limits you’ve got set.