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Let's begin with a definition. What is gambling? Gambling is betting on an element that may or may not happen in the future. Once we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, trusted lotto dealers horse racing, and sports where the result cannot 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 new York City airport?

How is gambling different from buying stocks and bonds? Stocks and bonds are thought about 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 different from buying insurance? When we buy insurance coverage, we are betting on something that may or may not happen in the foreseeable future. We do not want to take the risk that it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. When we buy homeowner's coverage, for instance, we have been betting our house will burn down and also the insurance company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling because the risk can be calculated. The insurance company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

Individuals have gambled since ancient times. On the other hand, 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 have been unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, such as a night out with friends at the casino or possibly a bingo game for a charitable organization or possibly a lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You'll find people 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 perhaps 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 have been timid, we will go to a casino and boldly take chances.

Occasional gambling might 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 one 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.