Let’s start with a definition. What is gambling? Gambling is betting on an element that may or might not happen down the road. Whenever 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 new York City airport?
How is gambling not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably expect to come out ahead within the long run. They could be risky but not within the same sense as gambling.
How is gambling not the same as buying coverage? Once we buy insurance coverage, we are betting on a thing that may or may not happen down the road. We do not want to take the risk which it will happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner’s insurance coverage, by way of example, we are 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 isn’t 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’re going to pay accordingly.
People have gambled since ancient times. Conversely, society never approved of it because it was labeled an effort to get money without working for it. Society thought that serious effort 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 run? 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, for from bobhughes.edu.ph example a night out with friends at the casino or a bingo game for a charitable organization or possibly a lottery ticket. Some think also they can beat the odds and make a living out of gambling. You will find 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 perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will find 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 will go to a casino and boldly take chances.
Occasional gambling could possibly 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 that you can 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.
