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Let's begin with a definition. What is gambling? Gambling is betting on something that may or might not happen down the road. When we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on online 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 new York City airport?

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

How is gambling distinctive from buying insurance? Whenever we buy insurance, we have been betting on an element that may or might not happen later on. We don't want to take the risk that it shall happen, so we pay someone else (the insurance company) to take the risk for us. Once we buy homeowner's insurance coverage, for example, we have been betting our house will burn down and the insurance 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 company uses all kinds of statistics to analyze the probability of our house burning down and fixes the premium we will pay accordingly.

Individuals have gambled since ancient times. In contrast, society never approved of it because 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 have been unlikely to win within the long haul? We gamble for the excitement of the uncertain outcome. Some gamble to try to make their financial dreams come true. Some individuals gamble for entertainment or enjoyment, such as a night out with friends at the casino or a bingo game for a charitable organization or perhaps a lottery ticket. Some think they may beat the odds and earn a living out of gambling. There are people 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 also they can win. Some like the environment or even 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 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 can go to a casino and boldly take chances.

Occasional gambling might 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, be sure you set limits and keep to the limits you have set.