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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. When 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 individuals 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 distinctive from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably expect to come out ahead within the long term. They might be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? When we buy coverage, we have been betting on an issue that may or may not happen later on. We do not want to take the risk that it will happen, so we pay someone else (the coverage company) to take the risk for us. Whenever we buy homeowner’s coverage, for instance, we have been betting our house will burn down and also the insurance company is betting it will not. (Of course we hope we won’t 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 shall pay accordingly.
Individuals have gambled since ancient times. However, society never approved of it because it was labeled an effort to get money without working for it. Society considered 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 despite the fact that we are unlikely to win in the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try 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 possibly a bingo game for site a charitable organization or perhaps a lottery ticket. Some think also they can beat the odds and earn money out of gambling. You will find those 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 perhaps the thrill of a possible big win, or even the adrenaline rush of taking 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 are timid, we will go to a casino and boldly take chances.
Occasional gambling may be a relaxing type of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical you can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.
