Let's begin with a definition. What is gambling? Gambling is betting on a thing that may or might not happen later on. 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 cannot be predicted with certainty. Some individuals 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 different from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They can be risky although not in the same sense as gambling.
How is gambling different from buying insurance coverage? When we buy coverage, we have been betting on a thing that may or may not happen later on. We do not want to take the risk that it will happen, so we pay somebody else (the insurance company) to take the risk for us. Once we buy homeowner's insurance, for example, we are betting our house will burn down and the insurance company is betting it won't. (Of-course we hope we won't win this bet.) This is not 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 because it was labeled an effort to get money without working 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 even though we have been unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people gamble for entertainment or enjoyment, for example 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 also they can beat the odds and make a living out of gambling. You will find individuals who 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 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. 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 possibly be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which 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 different from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They can be risky although not in the same sense as gambling.
How is gambling different from buying insurance coverage? When we buy coverage, we have been betting on a thing that may or may not happen later on. We do not want to take the risk that it will happen, so we pay somebody else (the insurance company) to take the risk for us. Once we buy homeowner's insurance, for example, we are betting our house will burn down and the insurance company is betting it won't. (Of-course we hope we won't win this bet.) This is not 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 because it was labeled an effort to get money without working 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 even though we have been unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people gamble for entertainment or enjoyment, for example 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 also they can beat the odds and make a living out of gambling. You will find individuals who 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 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. 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 possibly be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which 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.