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Let's begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen later on. 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 cannot 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 brand 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 expect to come out ahead in the long term. They can be risky but not in the same sense as gambling.

How is gambling different from buying insurance? When we buy insurance, we are betting on an element that may or may not happen later on. We do not want to take the risk which it will happen, so we pay somebody else (the insurance company) to take the risk for us. As we buy homeowner's insurance coverage, for instance, we are betting our house will burn down and also the insurance coverage company is betting it will not. (Of-course we hope we won't win this bet.) This isn't gambling since 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 are going to pay accordingly.

People have gambled since ancient times. Alternatively, society never approved of it because it was labeled an attempt to get money without working for it. Society believed 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 despite the fact that we are unlikely to win within the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. A lot of 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 ticket. Some think they can beat the odds and make a living out of gambling. You can find men and women that gamble given that 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 even the thrill of a possible big win, or perhaps 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 are timid, we will go to a casino and boldly take chances.

Occasional gambling could possibly 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 that you may 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.