Gambling was invented 2300 B.C. by the Chinese who played a game of chance using tiles.
The history of gambling can be linked to humanity as far back in the ages, as there are signs recorded of people gathering in groups.
1. What is gambling?
Gambling is the spending of money, or wavering something of value, on an event, or probable happening, with an uncertain, unfamiliar outcome, with the main intent of winning money or other material goods.
2. What is considered as gambling?
Gambling requires 3 elements to be present, that is, Consideration, Chance and Price.
We are all familiar with gambling in casinos. The card games: like poker and blackjack. We know the slot machines. We know lottery tickets and scratch cards. We know betting on horse racing. We also know there are sport stakes and even betting on a game of skill (such as a live video game) is seen as gambling. Certain cultural games such as ‘Mah-jong’ are considered gambling.
BUT … did you know that BINGO is gambling? AND did you know that the Raffle tickets and Tombola table at the Church fair is gambling? What about taking a wager on a friend doing something ridiculous for fun?
3. Is playing the Stock Market gambling?
Investing in stocks is just like gambling but also different. When making trades without knowledge and control, it becomes gambling.
4. Taking out Insurance; is that gambling?
The risk in Gambling is ‘speculative’ risk. Gambling creates an opportunity for risk. A risk for gain as well as for loss. Insurance deals with ‘pure’ risk. With ‘pure’ risk there is the possibility that an event, like an accident or illness, MIGHT occur.
5. Eve. Taking the apple in the Garden of Eden; was she gambling?
For Centuries Gambling has been a form of ENTERTAINMENT and FUN for millions of people. But somewhere it changed to becoming more to some people. More work related, even though still a game or fun. For some it became a JOB.
Whenever a chance to lose money or belongings is taken, and when winning or losing is decided mostly by chance, you are gambling.