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Let's start with a definition. What is gambling? Gambling is betting on an element that may or might 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 new York City airport?

How is gambling not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably expect to come out ahead within the long haul. They might be risky although not within the same sense as gambling.

How is gambling not the same as buying insurance coverage? As we buy coverage, we are 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 someone else (the insurance company) to take the risk for us. Once we buy homeowner's insurance coverage, by way of 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 will not win this bet.) This is not gambling because the risk may be calculated. The insurance company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we are going to pay accordingly.

People have gambled since ancient times. On the flip side, society never approved of it since it was labeled an attempt to get money without working 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 are unlikely to win in the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. Many people gamble for entertainment or enjoyment, such as a night out with friends at the casino or perhaps a bingo game for a charitable organization or a lottery ticket. Some think they may beat the odds and make a living out of gambling. You'll find individuals that gamble given that 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 even 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 have been timid, we will go to a casino and boldly take chances.

Occasional gambling might be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical which 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.