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Let’s start with a definition. What is gambling? Gambling is betting on something that may or might not happen in the foreseeable future. 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 cannot 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 distinctive from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead within the long run. They might be risky but not in the same sense as gambling.
How is gambling different from buying coverage? Whenever we buy insurance, we are betting on a thing that may or might not happen in the foreseeable future. We do not want to take the risk that it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s coverage, as an example, we have been betting our house will burn down as well as the coverage 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 are going to pay accordingly.
People have gambled since ancient times. In contrast, society never approved of it since it was labeled an effort to get money without working 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 within 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, via Ucsd such as a night out with friends at the casino or a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and make a living out of gambling. You will find individuals who gamble because 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 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. You can find 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 could be a relaxing form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You might 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.
