Let’s start with a definition. What is gambling? Gambling is betting on an element that may or might not happen down the road. 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 can’t be predicted with certainty. Many people 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 will be considered investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They may be risky but not within the same sense as gambling.

How is gambling different from buying insurance? Once we buy insurance, we are betting on a thing that may or may not happen in the future. We do not want to take the risk that it shall happen, so we pay somebody else (the coverage company) to take the risk for us. Once we buy homeowner’s insurance coverage, as an example, we are betting our house will burn down as well as the insurance company is betting it will not. (Of-course we hope we won’t win this bet.) This isn’t gambling because the risk can be calculated. The coverage 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.

Individuals have gambled since ancient times. However, society never approved of it because it was labeled an attempt to get money without doing work for it. Society thought 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 have been unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some individuals 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 perhaps a lottery ticket. Some think also they can beat the odds and earn money out of online gambling. There are actually folks who gamble because 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 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 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 can go to a casino and boldly take chances.

Occasional gambling could be a relaxing type of entertainment but be cautious 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 have set.