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Let's start with a definition. What is gambling? Gambling is betting on something that may or may 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 can't be predicted with certainty. A lot of people will bet on anything. Remember the Seinfeld episode where Kramer bet on the arrival and departure times of airplanes at a whole new York City airport?

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

How is gambling not the same as buying insurance coverage? Whenever we buy insurance, we are betting on an element that may or might not happen later on. We do not want to take the risk which it shall happen, so we pay somebody else (the insurance coverage company) to take the risk for us. Once we buy homeowner's insurance, as an example, we are betting our house will burn down and also the insurance coverage company is betting it will not. (Of-course we hope we will not win this bet.) This isn't 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're going to pay accordingly.

Individuals have gambled since ancient times. On the other hand, society never approved of it since it was labeled an effort to get money without doing work for it. Society considered 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 despite the fact that we have been unlikely to win within the long term? 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 perhaps a bingo game for a charitable organization or perhaps a lottery ticket. Some think also they can beat the odds and make a living out of gambling. You will find individuals 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 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 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 be a relaxing form of entertainment but be careful not to get addicted. Addiction may lead to obsession. You could lose control and become so fanatical that you could ruin you life or suffer other catastrophic consequences. So if you gamble, make sure to set limits and by fii.edu.gh keep to the limits you've got set.