Let's begin with a definition. What is gambling? Gambling is betting on an issue that may or may not happen down Read the Full Report road. Whenever 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 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 run. They might be risky but not in the same sense as gambling.

How is gambling distinctive from buying insurance coverage? As we buy coverage, we are betting on something that may or may not happen in the future. We do not want to take the risk which it will happen, so we pay someone else (the insurance company) to take the risk for us.