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Let’s begin with a definition. What is gambling? Gambling is betting on something that may or might not happen down the road. Once 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 brand new York City airport?

How is gambling not the same as buying stocks and bonds? Stocks and recent post by Elit bonds are considered investments and not gambles because we can reasonably expect to come out ahead within the long term. They can be risky but not within the same sense as gambling.

How is gambling distinctive from buying coverage? Once we buy insurance, we are betting on an issue 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 coverage, one example is we have been 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 is not 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 will pay accordingly.

Individuals have gambled since ancient times. On the flip side, society never approved of it because it was labeled an effort to get money without doing work for it. Society thought 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 in the long term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people 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 make a living out of gambling. You will discover men and women 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 can win. Some like the environment or the thrill of a possible big win, or the adrenaline rush of taking a chance. Casinos allow us to socialize and pass some time. You can find 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 might 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 you could 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.

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