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Let's begin with a definition. What is gambling? Gambling is betting on something that may or might not happen down the road. When 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 not be predicted with certainty. Some 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 considered investments and not gambles because we can reasonably expect to come out ahead within the long run. They might be risky although not within the same sense as gambling.
How is gambling different from buying insurance? As we buy insurance, we are betting on a thing that may or might not happen in the foreseeable future. We do not want to take the risk that it will happen, so we pay someone else (the insurance company) to take the risk for us. As we buy homeowner's coverage, by way of example, we have been betting our house will burn down as well as the insurance coverage company is betting it will not. (Of course we hope we will not win this bet.) This is not gambling because the risk may be calculated. The insurance coverage 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.
People have gambled since ancient times. In contrast, society never approved of it because it was labeled an effort to get money without doing work for it. Society thought that serious effort 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 even though we are unlikely to win within the long term? We gamble for the excitement of the uncertain outcome. Some gamble to try and 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 a lottery ticket. Some think they can beat the odds and earn money out of gambling. There are actually 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 they may win. Some like the environment or 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 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 might be a relaxing form of entertainment but be careful 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 you set limits and keep to the limits you've got set.