Let's start with a definition. What is gambling? Gambling is betting on an element that may or may not happen in the foreseeable future. Once 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 not 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 new York City airport?
How is gambling distinctive from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead in the long run. They might be risky although not in the same sense as gambling.
How is gambling different from buying insurance? Once we buy coverage, we are betting on an issue that may or may not happen in the future. We do not 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 insurance, for instance, we have been betting our house will burn down and also the coverage company is betting it will not. (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 shall pay accordingly.
People have gambled since ancient times. On the other hand, trusted lotto dealers society never approved of it since it was labeled an effort to get money without working for it. Society thought that serious effort 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 have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and earn a living out of gambling. You will find those that gamble because 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. 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 can 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 may ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you've got set.
How is gambling distinctive from buying stocks and bonds? Stocks and bonds are considered investments and not gambles because we can reasonably anticipate to come out ahead in the long run. They might be risky although not in the same sense as gambling.
How is gambling different from buying insurance? Once we buy coverage, we are betting on an issue that may or may not happen in the future. We do not 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 insurance, for instance, we have been betting our house will burn down and also the coverage company is betting it will not. (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 shall pay accordingly.
People have gambled since ancient times. On the other hand, trusted lotto dealers society never approved of it since it was labeled an effort to get money without working for it. Society thought that serious effort 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 have been unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some people gamble for entertainment or enjoyment, for example a night out with friends at the casino or possibly a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and earn a living out of gambling. You will find those that gamble because 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. 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 can 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 may ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you've got set.
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