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Let's start with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the foreseeable future. Once 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 whole new York City airport?

How is gambling different from buying stocks and bonds? Stocks and bonds will be considered investments and not gambles because we can reasonably expect to come out ahead in the long term. They can be risky but not within the same sense as gambling.

How is gambling distinctive from buying insurance? Once we buy coverage, we have been betting on something that may or may not happen in the foreseeable future. We do not want to take the risk which it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner's insurance coverage, for example, we have been betting our house will burn down and the insurance company is betting it won't. (Of-course we hope we will not 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 shall pay accordingly.

People have gambled since ancient times. On the other hand, society never approved of it since 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 despite the fact that we have been unlikely to win within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. A lot of 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 perhaps a online lottery ticket. Some think also they can beat the odds and earn money out of gambling. There are actually those that gamble since 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 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. 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 have been timid, we can go to a casino and boldly take chances.

Occasional gambling might be a relaxing form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical you could 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.