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Let’s begin with a definition. What is gambling? Gambling is betting on something that may or might not happen down the road. Whenever 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 brand 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 within the long run. They could be risky but not in the same sense as gambling.
How is gambling distinctive from buying insurance coverage? When we buy insurance, we are betting on a thing that may or might not happen in the future. We do not want to take the risk that it will happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner’s insurance, as an example, we are betting our house will burn down and the insurance coverage company is betting it won’t. (Of-course we hope we won’t win this bet.) This isn’t gambling because the risk may be calculated. click the following page coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.
Individuals have gambled since ancient times. Conversely, society never approved of it since it was labeled an attempt to get money without doing work 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 even though we are unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to attempt 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 perhaps a bingo game for a charitable organization or a lottery ticket. Some think also they can beat the odds and earn money out of gambling. There are actually men and women that gamble while 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 even the thrill of a possible big win, or perhaps the adrenaline rush of taking 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 can go to a casino and boldly take chances.
Occasional gambling might 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 that 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.
