Let's begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen down the road. 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 mouse click the following post result cannot be predicted with certainty. Some 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 not the same as buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably expect to come out ahead within the long haul. They can be risky but not within the same sense as gambling.
How is gambling different from buying coverage? As we buy insurance coverage, we are betting on an issue that may or may not happen in the foreseeable future. We don't want to take the risk which it will happen, so we pay someone else (the insurance coverage company) to take the risk for us. When we buy homeowner's insurance, for instance, we are betting our house will burn down and also the coverage company is betting it will not. (Of-course we hope we will not win this bet.) This isn't gambling because the risk may be calculated. The 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.
People have gambled since ancient times. Alternatively, society never approved of it because it was labeled an effort to get money without doing work for it. Society considered 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 even though we are unlikely to win in the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and earn money out of gambling. You will discover individuals 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 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 could be a relaxing type of entertainment but be mindful 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, be sure you set limits and keep to the limits you have set.
