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Let's begin with a definition. What is gambling? Gambling is betting on an element that may or may not happen down the road. 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't be predicted with certainty. Some individuals 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 not the same as buying stocks and bonds? Stocks and bonds will be considered investments and not gambles because we can reasonably anticipate to come out ahead in the long term. They may be risky although not in the same sense as gambling.

How is gambling different from buying insurance? When we buy insurance, we have been betting on an element that may or may not happen down the road. We do not want to take the risk that it shall happen, so we pay somebody else (the coverage company) to take the risk for us. When we buy homeowner's insurance, one example is we are betting our house will burn down as well as the coverage company is betting it won't. (Of course we hope we won't win this bet.) This isn't gambling because the risk can be calculated. The 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. However, society never approved of it since it was labeled an attempt to get money without working for it. Society believed 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 online gambling agency 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 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 perhaps a bingo game for a charitable organization or perhaps a lottery ticket. Some think they can beat the odds and earn a living out of gambling. There are actually men and women that 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 perhaps the adrenaline rush of going for a chance. Casinos allow us to socialize and pass some time. You will discover 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 could possibly be a relaxing form of entertainment but be cautious 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 to set limits and keep to the limits you have set.