Rambling on Gambling ...

Gambling ?? Poker?? Black Jack?? All these words are very common but it's alien to me as I have not gambled before. The closest I have come to gambling was playing Bluff with my college mates. The only casinos' I have been to are Genthing Highlands in Malaysia and Ruby Room in Perth. I do not gamble simply because I have the fear of loosing my money and paranoid of being bankrupt one day if i get addicted to the game. I know this may sound silly but it's a known fact that once one starts gambling its addictive and unstoppable!

According to Wiki, "Gambling has a specific economic definition, referring to wagering money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Typically, the outcome of the wager is evident within a short period of time." Having said that, there are many different types of gambling such as casino games, table games, electronic gaming, non casino gambling games, parimutuel batting, sports betting and many more. I did not realize that there were so many different types of gambling methods until I stumble upon an article online.

There are many other users of the term gambling. The many risk-return choices are too referred to colloquially as "gambling." Whether this terminology is acceptable is a matter of debate, but generally the following activities are not considered gambling:

• Emotional or physical risk-taking, where the risk-return ratio is not quantifiable (e.g., skydiving, bunji jumping, asking someone for a date, etc.)
• Insurance is a method of shifting risk from one party to another. Insurers use actuarial methods to calculate appropriate premiums, which could be considered similar to calculating gambling odds. However, insurers can set their premiums to obtain a long term positive expected return.
• Investments are also not considered gambling, although some investments can or may involve a significant risk. Some examples of this nature are bonds, stock or even starting a business can be considered as investment.
  

I enjoy the psychological aspects of gambling especially the 'problem of gambling'. According to some studies carried out, many people participate in gambling as a form of entertainment or fun or even as a means to gain an income. Gambling like any other behavior can become a psychological addiction and can become a harmful behavior to some people. Reinforcement schedules will lead gamblers persist in gambling even after repeated losses. Also the false perception of "getting rich quick" or even "I need to make up for my losses" may lead to a negative outcome. This will lead to negative outcomes such as dept, unhealthy living habits, destruction of self and many more.

There are many times that I have gone to the casino in Genthing Highlands and I have come across many funny characters. I will share some of this in my next blog...
Stay tuned to more insights on gambling ....


Cheers!