Let's begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen later on. Whenever 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 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 different from 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 haul. They might be risky but not within the same sense as gambling.

How is gambling distinctive from buying coverage? When we buy insurance, we have been betting on an issue that may or may not happen down the road. We do not want to take the risk which it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. As we buy homeowner's insurance coverage, one example is we are betting our house will burn down as well as the insurance coverage company is betting it won't. (Of-course we hope we won't win this bet.) This is not gambling since 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 because it was labeled an attempt 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 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 people gamble for entertainment or enjoyment, such as a night out with friends at the casino or a bingo game for a charitable organization or a lottery ticket. Some think also they can beat the odds and make a living out of gambling. You will discover people who gamble because 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 even the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will find 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 online gambling could possibly be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you can ruin you life or suffer other catastrophic consequences. So if you gamble, be sure you set limits and keep to the limits you've got set.