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Let’s start with a definition. What is gambling? Gambling is betting on an issue that may or might not happen down the road. As we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers good online bet on casino games, horse racing, and sports where the result can not be predicted with certainty. Some individuals 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 different from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They might be risky although not in the same sense as gambling.
How is gambling not the same as buying coverage? As we buy insurance coverage, we are betting on an element that may or might not happen in the future. We don’t want to take the risk which it shall happen, so we pay somebody else (the insurance company) to take the risk for us. As we buy homeowner’s insurance coverage, for instance, we are betting our house will burn down and the coverage company is betting it won’t. (Of-course we hope we won’t win this bet.) This is not gambling because the risk can be calculated. The insurance 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. Conversely, 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 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 have been unlikely to win within the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, such as a night out with friends at the casino or perhaps 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 folks who gamble while 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 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 can go to a casino and boldly take chances.
Occasional gambling might be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical you can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you’ve got set.
