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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 party has an
interest in the outcome of bets 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, 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. It is
something James Bond would do for recreation. 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 online
wagering.
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