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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 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 not 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 brand 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 haul. They might be risky although not in the same sense as gambling.
How is gambling not the same as buying insurance? Whenever we buy insurance coverage, we have been betting on a thing that may or may not happen down the road. We don't want to take the risk that it will happen, so we pay someone else (the insurance company) to take the risk for us. When we buy homeowner's coverage, for instance, we have been betting our house will burn down and the insurance company is betting it won't. (Of-course we hope we won't win this bet.) This isn't gambling since 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 shall pay accordingly.
Individuals have gambled since ancient times. On the flip side, society never approved of it since it was labeled an effort to get money without working for it. Society thought 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 have been unlikely to win in the long run? We gamble for the excitement of the uncertain outcome. Some gamble to attempt to make their financial dreams come true. A lot of 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 a lottery online (try these out) ticket. Some think they can beat the odds and make a living out of gambling. There are actually those who 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 the thrill of a possible big win, or perhaps the adrenaline rush of taking 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 are timid, we will go to a casino and boldly take chances.
Occasional gambling may be a relaxing form of entertainment but be cautious not to get addicted. Addiction may lead to obsession. You might lose control and become so fanatical which 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.