Let's start with a definition. What is gambling? Gambling is betting on a thing that may or may not happen later on. 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't 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 brand new York City airport?

How is gambling different from buying stocks and bonds? Stocks and bonds will be considered investments and not gambles because we can reasonably anticipate to come out ahead in the long term. They can be risky although not in the same sense as gambling.

How is gambling different from buying coverage? Once we buy coverage, we have been betting on a thing that may or may not happen down the road. We don't want to take the risk which it will happen, so we pay somebody else (the insurance coverage company) to take the risk for trusted lotto dealers us. Once we buy homeowner's insurance coverage, for example, we have been betting our house will burn down and also the insurance company is betting it will not. (Of course we hope we won't win this bet.) This is not gambling since 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're going to pay accordingly.

Individuals have gambled since ancient times. In contrast, society never approved of it since it was labeled an attempt to get money without working for it. Society believed 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 in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to try and make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, for example a night out with friends at the casino or a bingo game for a charitable organization or possibly a lottery ticket. Some think also they can beat the odds and earn money out of gambling. You can find people 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 the thrill of a possible big win, or 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 are timid, we will go to a casino and boldly take chances.

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