Let's begin with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the future. As 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't 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 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 term. They could be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? As we buy coverage, we have been betting on something that may or may not happen in the future. We do not want to take the risk that it will happen, so we pay someone else (the coverage company) to take the risk for us. When we buy homeowner's coverage, by way of example, we have been betting our house will burn down as well as the coverage company is betting it will not. (Of course we hope we won't 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 shall pay accordingly.
Individuals have gambled since ancient times. However, society never approved of it since it was labeled an attempt to get money without working for it. Society thought 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 have been unlikely to win in the long run? 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 a bingo game for a charitable organization or a online lottery ticket. Some think they can beat the odds and earn money out of gambling. You will discover men and women that gamble because 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 even the adrenaline rush of going for 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 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 might lose control and become so fanatical you could 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.
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 term. They could be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? As we buy coverage, we have been betting on something that may or may not happen in the future. We do not want to take the risk that it will happen, so we pay someone else (the coverage company) to take the risk for us. When we buy homeowner's coverage, by way of example, we have been betting our house will burn down as well as the coverage company is betting it will not. (Of course we hope we won't 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 shall pay accordingly.
Individuals have gambled since ancient times. However, society never approved of it since it was labeled an attempt to get money without working for it. Society thought 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 have been unlikely to win in the long run? 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 a bingo game for a charitable organization or a online lottery ticket. Some think they can beat the odds and earn money out of gambling. You will discover men and women that gamble because 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 even the adrenaline rush of going for 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 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 might lose control and become so fanatical you could 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.