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Let's begin with a definition. What is gambling? Gambling is betting on something that may or may not happen in the future. Once we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, trusted lotto dealers (look at these guys) horse racing, and sports where the result cannot be predicted with certainty. Some individuals will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a brand 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 not the same as buying coverage? When we buy insurance coverage, we have been betting on something that may or might not happen later on. We don't want to take the risk which it shall happen, so we pay somebody else (the insurance company) to take the risk for us. When we buy homeowner's coverage, for instance, we have been betting our house will burn down and also the insurance company is betting it won't. (Of course we hope we will not 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 will pay accordingly.

People have gambled since ancient times. On the contrary, society never approved of it because it was labeled an attempt 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 even though we have been unlikely to win in 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 possibly a bingo game for a charitable organization or a lottery ticket. Some think also they can beat the odds and earn money out of gambling. You'll find individuals who gamble since 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 even the thrill of a possible big win, or the adrenaline rush of taking 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 can go to a casino and boldly take chances.

Occasional gambling may be a relaxing type of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical that you may 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.