Let’s start with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the future. When 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 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 in the long run. They can be risky although not in the same sense as gambling.
How is gambling distinctive from buying insurance? Once we buy coverage, we are betting on a thing that may or may not happen later on. We don’t want to take the risk that it shall happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner’s insurance coverage, by homologa.cge.mg.gov.br way of example, we have been betting our house will burn down as well as the coverage company is betting it will not. (Of-course we hope we will not win this bet.) This is not gambling because the risk can be calculated. The insurance 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 thought 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 even though we have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Many people gamble for entertainment or enjoyment, such as a night out with friends at the casino or a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and earn money out of gambling. There are actually individuals 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 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. 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 might be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you’ve got set.
