Jeannine Feakes asked 3 months ago
Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or might not happen later on. 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 not 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 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 run. They can be risky although not in the same sense as gambling.
How is gambling not the same as buying coverage? Once we buy insurance coverage, we have been betting on a thing that may or may not happen down the road. We don’t want to take the risk that it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s insurance, by way of example, we are betting our house will burn down and also the coverage company is betting it will not. (Of-course we hope we won’t win this bet.) This is not playing online gambling because the risk may 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.
Individuals have gambled since ancient times. Alternatively, society never approved of it since it was labeled an effort to get money without working for it. Society believed that serious effort 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 term? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or possibly a lottery ticket. Some think they can beat the odds and make a living out of gambling. There are individuals that gamble given that 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 the adrenaline rush of taking 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 have been 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 may lose control and become so fanatical you could ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.