Let’s start with a definition. What is gambling? Gambling is betting on an element that may or may not happen down click through the next website page road. 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. Some 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 distinctive 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 term. They can be risky although not within the same sense as gambling.

How is gambling not the same as buying insurance coverage? Once we buy insurance, we have been betting on an element that may or might not happen later on. We don’t want to take the risk that it will happen, so we pay somebody else (the insurance company) to take the risk for us. As we buy homeowner’s coverage, as an example, we are betting our house will burn down as well as the coverage company is betting it won’t. (Of-course we hope we will not win this bet.) This isn’t gambling since the risk may be calculated. The insurance 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 other hand, society never approved of it since it was labeled an effort to get money without working 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, such as a night out with friends at the casino or a bingo game for a charitable organization or a lottery ticket. Some think they can beat the odds and make a living out of gambling. You will discover 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 they may win. Some like the environment or the thrill of a possible big win, or even the adrenaline rush of taking 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 will go to a casino and boldly take chances.

Occasional gambling could possibly be a relaxing form of entertainment but be mindful 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’ve got set.