Let’s start with a definition. What is gambling? Gambling is betting on something that may or might not happen later on. Once we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, horse racing, Alexistogel and sports where the result can not 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 brand new York City airport?
How is gambling different from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They could be risky although not within the same sense as gambling.
How is gambling not the same as buying insurance? As we buy coverage, we have been betting on something that may or might not happen later on. We do not want to take the risk which it will happen, so we pay somebody else (the insurance company) to take the risk for us. Once we buy homeowner’s insurance, as an example, we have been betting our house will burn down and the insurance coverage company is betting it will not. (Of course we hope we won’t win this bet.) This is not gambling since the risk can be calculated. The insurance coverage 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. On the contrary, society never approved of it because it was labeled an attempt to get money without doing work 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 are unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Some people gamble for entertainment or enjoyment, such as a night out with friends at the casino or perhaps a bingo game for a charitable organization or possibly a lottery ticket. Some think they can beat the odds and earn a living out of gambling. You can find folks that gamble because 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 the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will discover 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 might be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which 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.