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Let's begin with a definition. What is gambling? Gambling is betting on a thing 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 can't 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 whole new York City airport?

How is gambling distinctive 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 may be risky but not in the same sense as gambling.

How is gambling distinctive from buying coverage? As we buy insurance coverage, we are betting on an element that may or may not happen later on. We don't want to take the risk that it will happen, so we pay somebody else (the coverage company) to take the risk for us. Whenever we buy homeowner's coverage, for example, we are betting our house will burn down as well as 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 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're going to pay accordingly.

People have gambled since ancient times. Alternatively, society never approved of it because it was labeled an effort to get money without doing work 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 despite the fact that we are 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. Many people gamble for entertainment or enjoyment, for example a night out with friends at the casino or a bingo game for a charitable organization or a trusted lottery dealer ticket. Some think they can beat the odds and earn a living out of gambling. You will find folks 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 can win. Some like the environment or perhaps 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 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 can go to a casino and boldly take chances.

Occasional gambling may be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you may ruin you life or suffer other catastrophic consequences. So if you gamble, be sure to set limits and keep to the limits you have set.