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Gambling: A game of Risk- Reward-Chance-and Winning

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Gambling is a game of Risk- Reward-Chance-and Winning. It is an Addiction. It is a world where people waver between risk and reward that depends on one thing called “Chance”. Gambling is a collective measure of consideration, prize and chance. Gambling comes in many different forms. Some of them are Lotteries, scratch cards, poker, Blackjack, Spinning wheel, Horse pools, Roulette, Bingo, etc. Nonetheless, these variants depend on Skill-based winning and Chance-based winning.

Do you know that Gambling dates back to the time even before the History was written?

Gambling: A game of Risk- Reward-Chance-and Winning
Gambling in ancient Rome
Image Credit: Facts and Details

People loved risks from very early times. Gambling normally started with betting on stronger and faster animals. The games that people play today were played back in the millenniums in China. Apparently, during the 9th century then have had gambling houses to play cards. Later on, archaeologists had found many pieces of evidence. In around 3000 BC Mesopotamians had used six-sided dices. Persians were well known for Poker. Romans could do nothing without betting. As a matter of fact, maintaining Slave Auction houses were common. People who were taken as war hostages were displayed naked on stage with price tags. Civilization back then was quite different, unlike today. The modern casinos were first started in Italy. It was during the early 17th century. It flourished to continental Europe during the 19th century.

Today, the top-rated places for Gambling are;

  1. Macau in China
  2. Las Vegas in the USA
  3. Atlantic city in the USA
  4. Monte Carlo in Monaco
  5. London in England
  6. Singapore
  7. Los Angeles in the USA
  8. Paris in France
  9. Reno in the USA
  10. San Jose in Costa Rica
Gambling: A game of Risk- Reward-Chance-and Winning
Top-rated Gambling Cities around the world

How did Macau in China defeat Las Vegas to get to the Top of Gambling cities around the world?

According to the current reports, Las Vegas in the United State of America no longer holds the first position of the best gambling place in the world. It was the premium out of all during the 20th century. In China, there are two important places. They do not fall under the legal framework of the country. Those are Macau and Hong Kong. This is because Macau has been a Portuguese colony for hundreds of years until the year 1999.

Later it was transferred to China. But the deal was to keep its own Autonomy for fifty more years. That means, china cannot interfere in its procedures. Macau has its own legal system. This had become the attraction centre of the wealthiest tourists all over Asia. This ultimately made Las Vegas’ gaming companies like MGM, Las Vegas Sands, and Wynn Resorts to enter the Macau Market. As a result, Macau ranked first in the top-rated Gambling places.

How does Gambling work?

Gambling is a game of the sum of Consideration, Prize and Chance. Simply saying, risking your valuables (mainly money) in the hope of gaining a MORE valuable prize. 

Consideration

It is “something” that people decide as valuable that one uses to start betting. You participate in the game when you have this consideration. Consideration is the term of agreement here. This is simply the monetary term that you either win or lose by the end of the game. Interestingly, this is not always cash, rather you can use other assets like property, stocks, bonds and jewellery. This is a reason why people do not easily give up. Because you have substitute considerations to use instead of money. And you can use them till you win hopefully.  

Prize

The prize is the ultimate reward if you had the chance of winning. This can also be an equivalent for cash as in consideration. Your prize depends on a single spinning of the Roulette, a single side of a dice, a single horse who crosses the line first and so on. Consideration is what you participate in the game with and the Prize is the Reward you achieve. But Only if you win!

Chance-

Chance is basically the degree of winning or losing. It is a risk because we know that people do not bet with a smaller amount of values. Risk triggers entertainment. It is a probability going on a par with luck. This is also a type of gambling.

Chance-based winning: Here, the wager cannot decide his victory. It totally depends on a random chance. The participants carry some kind of luck in their pockets to win the game. The winning probability is equally distributed amongst them. The risk completely depends on chance. None of the wagers tactfully plan the outcome in such a situation, but gladly pray for luck.

Gambling: A game of Risk- Reward-Chance-and Winning
Roulette is a risky winning chance

Skill-based winning: The gamers here, use their skill to judge the outcome. Interestingly, there is no certainty at all. As a matter of fact, the wager has the highest probability of winning the game. In playing Blackjack, Poker and betting on Horse races, the participants have the capacity of guessing the chances of winning rather than praying on luck.

Gambling: A game of Risk- Reward-Chance-and Winning
BlackJack apparently works with skill

This game is a Never-ending addiction.

The above facts are what make Gambling addictive. It is a mere excitement going along with a never-ending satisfaction. The risk and reward trigger a rush for entertainment within them. It is a “Condition”. Psychologically, it is a condition where the brain triggers the reward system, making the player want more and more. This behavior gives them a psychological disposition. The more you win, the more you bet. The more you lose, the more you try.

If in case the addiction turns negative, it has the probability of destroying one’s life. It is limitless. Other than losing money and property, you start losing your own self. The risk is that much craved.

DSM-5 (Diagnostic and Statistical Manual of Mental Disorders) had earlier reported that people had gambled to relieve stress and anxiety. But now, they changed the idea saying that Gambling is a pathological condition of mere addiction.

In addition, addiction keeps them away from real-life issues. The urge of wanting to stop it will never happen. Because Gambling is a choice that a person makes. You can either choose to stay home with your loved ones, finding ways to win your life. Or you can just waste your time at a place where you ‘pray’ to live your life.

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