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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 online casino games, horse racing, and sports where the result can not 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 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 haul. They could be risky although not within the same sense as gambling.

How is gambling distinctive from buying insurance coverage? When we buy coverage, we are betting on an element that may or may not happen in the foreseeable future. We do not want to take the risk which it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. Once we buy homeowner's insurance coverage, one example is we are betting our house will burn down as well as the insurance coverage company is betting it won't. (Of-course we hope we won't win this bet.) This is not gambling since 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 will pay accordingly.

People have gambled since ancient times. On the contrary, society never approved of it since it was labeled an effort to get money without doing work for it. Society believed that serious effort 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 within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Some 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 may beat the odds and earn money out of gambling. You will discover individuals that gamble since 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 perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will 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 be a relaxing form of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You could 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've got set.