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Let's start with a definition. What is gambling? Gambling is betting on an issue that may or may not happen down the road. 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 not be predicted with certainty. A lot of 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 are considered investments and trusted lotto dealers not gambles because we can reasonably expect to come out ahead within the long term. They can be risky although not within the same sense as gambling.

How is gambling different from buying insurance coverage? As we buy coverage, we have been betting on something that may or might not happen later on. We don't want to take the risk that it will happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Whenever we buy homeowner's insurance, as an example, we are betting our house will burn down and also the insurance coverage company is betting it will not. (Of-course we hope we will not 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 are going to pay accordingly.

Individuals have gambled since ancient times. However, society never approved of it since it was labeled an effort to get money without working for it. Society believed 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 despite the fact that 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. Some individuals 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 possibly a lottery ticket. Some think also they can beat the odds and earn a living out of gambling. You'll find people who gamble while they simply love the challenge. They look at gambling as a game of skill or problem-solving and they are sure also 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 could possibly be a relaxing type of entertainment but be careful not to get addicted. Addiction may lead to obsession. You may lose control and become so fanatical that you may 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.

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