Let's begin with a definition. What is gambling? Gambling is betting on a thing that may or might not happen in the foreseeable future. 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. Some individuals 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 not the same as buying stocks and bonds? Stocks and bonds will be considered investments and not gambles because we can reasonably expect to come out ahead within the long run. They can be risky but not within the same sense as gambling.

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

Individuals have gambled since ancient times. Conversely, society never approved of it since it was labeled an attempt to get money without working 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 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 try and 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 possibly a lottery agent ticket. Some think also they can beat the odds and make a living out of gambling. You'll find those that gamble while 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 perhaps 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 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 might be a relaxing type of entertainment but be mindful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical 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.