- This topic is empty.
- Wpisy
Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the foreseeable future. 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 cannot be predicted with certainty. A lot of 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 different from 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 haul. They could be risky but not within the same sense as gambling.
How is gambling different from buying insurance coverage? Once we buy insurance, we are betting on a thing that may or may not happen in the foreseeable future. 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, for instance, we have been 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 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.
People have gambled since ancient times. Conversely, society never approved of it because it was labeled an attempt to get money without doing work for it. Society believed 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 have been unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. A lot of 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 possibly a lottery online ticket. Some think they can beat the odds and earn a living out of gambling. There are actually those who 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 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 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 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, make sure to set limits and keep to the limits you’ve got set.
