Gambling
Gambling has had a lot of poles a part meanings
depending on the cultural and historical background in
which it is used. At present, in western society, it in
general has an economic definition and significance and
typically refers to wagering money or something of
material assessment on something with a tentative
outcome in hope of winning additional money or material
goods.
Definition of gambling
Additionally, in gambling the result of the wager is
typically evident within a short interlude of time.
Also, the primary objective of the bet is to win
additional money or material goods. This
characterization of gambling usually excludes: emotional
or physical risk bearing where what is being risked is
not money or material goods. For instance skydiving,
running for office, asking someone for a date, etc do
not fall in these criteria. Also, buying insurance, as
the for the most part important intent of the purchase
is to look after against loss, rather than to accumulate
or win; all forms of investment either be it stock
market or real estate with positive estimated returns
and economic utility; starting a fresh business, as time
and exertion are also being wagered and the result is
not determined in a short period of time; situations
where the prospect of winning additional money or
material goods is a lesser or incidental reason for the
wager or purchase, for example, buying a raffle ticket
to support a worthy cause; prediction markets or
knowledge exchanges where the exact outcome is to give
confidence the development of market-based mechanisms
for resolving questions of science, technology,
management, strategy, planning, policy, etc.
Dimensions of gambling
There are four dimensions on which
gambling varies:
-
Exactly what good is being wagered… Either it is
money or material goods.
-
The quantity or amount that is being wagered.
-
The predictability or expectedness of the event.
For a number of things such as lotteries, slot machines
and bingo, the domino effects are hit and miss and
unpredictable. No dexterity or system will offer you any
advantage. For further things for instance sports
betting and horse racing there is a few predictability
to the outcome. In this state of affairs superior
knowledge and skill gives a person an advantage more
than other bettors.
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