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Let’s begin with a definition. What is gambling? Gambling is betting on a thing that may or may not happen in the foreseeable future. Once 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 brand 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 expect to come out ahead in the long haul. They might be risky although not in the same sense as gambling.
How is gambling distinctive from buying insurance coverage? Once we buy coverage, we are betting on an issue that may or might not happen in the foreseeable future. We don’t want to take the risk that it shall happen, so we pay somebody else (the coverage company) to take the risk for us. When we buy homeowner’s coverage, as an example, we have been betting our house will burn down and the insurance company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling since the risk may be calculated. The coverage company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.
People have gambled since ancient times. On the flip side, 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 despite the fact that we are unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and 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 online lottery ticket. Some think also they can beat the odds and make a living out of gambling. You will discover men and women that gamble since 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 even the thrill of a possible big win, or even the adrenaline rush of going for 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 could be a relaxing form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical that you may 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.
