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Let's start with a definition. What is gambling? Gambling is betting on an issue that may or might not happen later on. Once 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 cannot 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 will be considered investments and not gambles because we can reasonably anticipate to come out ahead in the long run. They might be risky but not in the same sense as gambling.

How is gambling not the same as buying coverage? As we buy coverage, we have been betting on an element that may or might not happen later on. We do not want to take the risk that it shall happen, so we pay someone else (the coverage company) to take the risk for us. When we buy homeowner's insurance coverage, for example, we have been betting our house will burn down as well as the insurance company is betting it won't. (Of course we hope we will not win this bet.) This isn't gambling since the risk may 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. On the other hand, society never approved of it since it was labeled an attempt to get money without doing work 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 within the long run? 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 also they can beat the odds and earn a living out of gambling. There are actually people that gamble because they simply love the challenge. They look-at gambling as a game of skill or problem-solving and they are sure they may win. Some like the environment or perhaps the thrill of a possible big win, or even the adrenaline rush of taking a chance. Casinos allow us to socialize and pass some time. You can find 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 might lose control and become so fanatical 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.