Let's begin with a definition. What is gambling? Gambling is betting on an issue that may or might not happen in the future. As we gamble, we take a risk, choose an uncertain outcome, and bet on it. Gamblers bet on online casino games, horse racing, and sports where the result can't 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 distinctive from buying stocks and bonds? Stocks and bonds are thought about investments and not gambles because we can reasonably expect to come out ahead in the long haul. They may be risky but not in the same sense as gambling.

How is gambling not the same as buying insurance? When we buy insurance, we are betting on an element that may or might not happen in the future. We don't want to take the risk that it will happen, so we pay somebody else (the coverage company) to take the risk for us.