Let's begin with a definition. What is gambling? Gambling is betting on an element that may or may 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 the result can not be predicted with certainty. Many people 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 not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They could be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? As we buy insurance, we have been 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 someone else (the insurance company) to take the risk for us. When we buy homeowner's coverage, as an example, we have been 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 isn't 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 will pay accordingly.
Individuals have gambled since ancient times. On the flip side, society never approved of it since 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 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 in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Many 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 lottery online ticket. Some think they may beat the odds and make a living out of gambling. You'll find those that gamble while 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 even the thrill of a possible big win, or even the adrenaline rush of taking 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 will go to a casino and boldly take chances.
Occasional gambling may be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical you can 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.
How is gambling not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead in the long haul. They could be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? As we buy insurance, we have been 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 someone else (the insurance company) to take the risk for us. When we buy homeowner's coverage, as an example, we have been 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 isn't 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 will pay accordingly.
Individuals have gambled since ancient times. On the flip side, society never approved of it since 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 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 in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Many 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 lottery online ticket. Some think they may beat the odds and make a living out of gambling. You'll find those that gamble while 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 even the thrill of a possible big win, or even the adrenaline rush of taking 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 will go to a casino and boldly take chances.
Occasional gambling may be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical you can 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.