Let's begin with a definition. What is gambling? Gambling is betting on an element that may or might not happen in the foreseeable future. When 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 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 may be risky but not in the same sense as gambling.
How is gambling not the same as buying insurance coverage? When we buy insurance coverage, we are betting on something that may or may not happen in the 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. Once we buy homeowner's insurance, as an example, we have been betting our house will burn down and also the insurance company is betting it won't. (Of-course we hope we will not win this bet.) This is not gambling because 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're going to 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 working 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 even though we have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or a lottery agent ticket. Some think also they can beat the odds and make a living out of gambling. There are men and women 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 can win. Some like the environment or even the thrill of a possible big win, or the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. There are actually 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 form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical which 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've got set.
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 may be risky but not in the same sense as gambling.
How is gambling not the same as buying insurance coverage? When we buy insurance coverage, we are betting on something that may or may not happen in the 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. Once we buy homeowner's insurance, as an example, we have been betting our house will burn down and also the insurance company is betting it won't. (Of-course we hope we will not win this bet.) This is not gambling because 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're going to 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 working 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 even though we have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or a lottery agent ticket. Some think also they can beat the odds and make a living out of gambling. There are men and women 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 can win. Some like the environment or even the thrill of a possible big win, or the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. There are actually 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 form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical which 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've got set.