Let's start with a definition. What is gambling? Gambling is betting on a thing 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 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 brand new York City airport?
How is gambling not the same as buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably anticipate to come out ahead within the long term. They may be risky but not within the same sense as gambling.
How is gambling not the same as buying insurance? Whenever we buy insurance coverage, we have been betting on an issue that may or may not happen in the foreseeable future. We do not want to take the risk which it will happen, so we pay someone else (the coverage company) to take the risk for us. When we buy homeowner's insurance, for example, we are betting our house will burn down and the coverage company is betting it will not. (Of-course we hope we won't win this bet.) This isn't gambling since 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 are going to pay accordingly.
People have gambled since ancient times. However, society never approved of it because it was labeled an attempt to get money without working for it. Society believed that hard-work 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 try to make their financial dreams come true. A lot of 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 perhaps a lottery ticket. Some think they may beat the odds and earn money out of gambling. You can find 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 also they can win. Some like the environment or perhaps the thrill of a possible big win, or the adrenaline rush of going for 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 homepage troubles. It's like a therapy session! If we have been 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 might lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, make sure you set limits and keep to the limits you have set.