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The Difference Between Gambling and Gaming
Gambling has long been a hot source of fierce debate among people from various religious and economic backgrounds. Religious authorities generally frown on any wagering because of its perceived social costs. This is why, in highly religious countries, no form of financial speculation is allowed. Most Islamic nations specifically prohibit wagering while others tend to regulate it to some extent.
Many legal authorities also place some form of censorship on wagering. The law does not recognize wagers as contracts, and views consequent losses as debts of honor that cannot be enforced through the legal process. This leads to organized crime taking over the enforcement of great debts, sometimes in a violent manner. Since insurance contracts have many features similar to wagers, legislation makes a distinction between the two.
It typically defines any agreement wherein either of the party has an interest in the outcome of the bet beyond the specified financial terms as an insurance contract. So the bet on whether ones house will burn down becomes a contract of insurance, since a person has an independent interest in the security of his home.
Many people participate in playing betting games as a form of recreation and, for some, it is a means to gaining more income. Before you become obsessed, remember that like any form of behavior, it involves variation in brain chemistry. Thus, it can lead to disruptive behavior and psychological addiction. In brief, one can become addicted.
The phenomenon of reinforcement may also make gamblers persist in playing betting games, even after incurring repeated losses. Russian writer Dostoevsky portrays, in his short story entitled The Gambler, the psychological effects of losing, on gamblers. He suggested that the idea of great financial gains, or the get rich quick mentality, may have originated with the Russians.
The Gambler shows the effect of betting money, for a chance at gaining more money, in 19th century Europe. The origins of Russian roulette fueled legends associating Russians with betting. Due to the negative connotations of the word, casinos and racetrack owners often use the term gaming to connote the recreational activities they offer. When you lost your life savings playing the stock market, were you gambling or gaming?
Gaming is not a word that sounds as harsh to the ear as does gambling. It actually sounds smooth, suave and sophisticated, not to be scorned. A rose by any other name is still... a rose. If you plan to enjoy placing bets on the Internet, by all means please... tell everyone who needs to know, that you were indulging in a little gaming.
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