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Let's begin with a definition. What is gambling? Gambling is betting on a thing that may or may 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. Many 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 run. They might be risky but not within the same sense as gambling.

How is gambling not the same as buying insurance? When we buy coverage, we have been betting on an issue 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 insurance company) to take the risk for us. Once we buy homeowner's insurance, one example is we are betting our house will burn down and also the coverage 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 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. Alternatively, society never approved of it because it was labeled an effort to get money without working for it. Society believed that serious effort 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 have been unlikely to win within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, for example sneak a peek here night out with friends at the casino or possibly a bingo game for a charitable organization or possibly a lottery ticket. Some think they can beat the odds and earn money out of gambling. You can find people who 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 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 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 careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that one can ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you've got set.