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Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or may not happen later on. 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. Many 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 thought about investments and not gambles because we can reasonably expect to come out ahead in the long run. They might be risky although not in the same sense as gambling.
How is gambling distinctive from buying insurance? When we buy coverage, we are betting on something that may or may not happen in the foreseeable future. We do not want to take the risk which it will happen, so we pay somebody else (the insurance company) to take the risk for us. As we buy homeowner’s insurance coverage, one example is we are betting our house will burn down and the insurance company is betting it will not. (Of-course we hope we will not win this bet.) This isn’t gambling because the risk can be calculated. The coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we are going to pay accordingly.
Individuals have gambled since ancient times. On the other hand, society never approved of it because it was labeled an attempt 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 toto worthwhile causes.
So why do we gamble even though we are unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or enjoyment, such as a night out with friends at the casino or possibly a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and earn a living out of gambling. You’ll find individuals that gamble while 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 perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You’ll 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 may be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which you can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you have set.
