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Let's start with a definition. What is gambling? Gambling is betting on an element that may or may not happen down the road. 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. Many 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 will be considered investments and not gambles because we can reasonably anticipate to come out ahead within the long haul. They might be risky but not within the same sense as gambling.

How is gambling not the same as buying coverage? As we buy insurance, we have been betting on an issue that may or might not happen in the foreseeable future. We don't want to take the risk that it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner's insurance, for example, we are betting our house will burn down and the insurance coverage company is betting it won't. (Of-course we hope we won't win this bet.) This isn't 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 shall pay accordingly.

People have gambled since ancient times. On the other hand, 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 have been unlikely to win within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some people gamble for entertainment or enjoyment, such as a night out with friends at the casino or possibly a bingo game for a charitable organization or perhaps a lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You can 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 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. There are actually 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 will 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 may lose control and become so fanatical that you can 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.