Emory Armour

Let's begin with a definition. What is gambling? Gambling is betting on an element that may or might not happen in the foreseeable future. Whenever we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on casino games, horse racing, and relevant web site sports where the result cannot 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 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 within the long run. They might be risky but not in the same sense as gambling. How is gambling not the same as buying insurance coverage? As we buy insurance, we have been betting on a thing that may or may not happen in the future. We don't want to take the risk that it shall happen, so we pay someone else (the insurance coverage company) to take the risk for us. As we buy homeowner's insurance, for example, we are betting our house will burn down and also the coverage company is betting it won't. (Of course we hope we won't win this bet.) This is not gambling because 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 are going to pay accordingly. People have gambled since ancient times. In contrast, 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 gambling earlier) started to run lotteries to raise money for worthwhile causes. So why do we gamble even though 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. Many people gamble for entertainment or enjoyment, such as a night out with friends at the casino or a bingo game for a charitable organization or possibly a lottery ticket. Some think also they can beat the odds and earn money out of gambling. You will find folks 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 also they can win. Some like the environment or perhaps 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. You will find 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 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 you could 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.