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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 later on. 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 can not be predicted with certainty. A lot of 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 distinctive 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 may be risky although not within the same sense as gambling.
How is gambling not the same as buying insurance? When we buy coverage, we are betting on a thing that may or may not happen in the future. We don’t want to take the risk that it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner’s insurance, for instance, 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 is not gambling since 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 will pay accordingly.
Individuals have gambled since ancient times. On the flip side, 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 term? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Many people gamble for entertainment or enjoyment, for example a night out with friends at the learn online casino gambling or possibly a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and make a living out of gambling. You will 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 perhaps the thrill of a possible big win, or perhaps the adrenaline rush of taking a chance. Casinos allow us to socialize and pass some time. You’ll 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 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 you set limits and keep to the limits you’ve got set.