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Let’s start with a definition. What is gambling? Gambling is betting on something that may or may not happen later on. 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. Some 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 not the same as buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably expect to come out ahead in the long haul. They can be risky but not within the same sense as gambling.
How is gambling distinctive from buying coverage? As we buy coverage, we have been betting on a thing that may or might not happen later on. We do not want to take the risk which it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. As we buy homeowner’s insurance, for instance, we are betting our house will burn down and also the coverage company is betting it will not. (Of course we hope we won’t win this bet.) This is not 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 because it was labeled an effort to get money without doing work for it. Society thought 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 even though we are unlikely to win within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some people 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 a official lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You’ll find individuals who gamble because 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 perhaps the thrill of a possible big win, or 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 have been timid, we can go to a casino and boldly take chances.
Occasional gambling could be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you have set.
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