Let’s begin with a definition. What is gambling? Gambling is betting on an issue that may or may not happen in the 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’t be predicted with certainty. Many people will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and Read Home Page 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 thought about investments and not gambles because we can reasonably anticipate to come out ahead within the long term. They can be risky but not within the same sense as gambling.

How is gambling not the same as buying insurance? When we buy insurance coverage, we have been betting on a thing that may or may not happen down the road. We don’t want to take the risk that it shall happen, so we pay somebody else (the insurance company) to take the risk for us. Once we buy homeowner’s insurance coverage, by way of example, we have been betting our house will burn down as well as the insurance company is betting it won’t. (Of course we hope we will not win this bet.) This is not gambling since the risk may 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 will pay accordingly.

Individuals 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 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 term? 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 a bingo game for a charitable organization or perhaps a lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You will find those 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 even 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. You will discover 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 may be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical you could 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.