Gambling

 

Its primary intent is winning money or material goods. 

 

 

There are thee elements to gambling,

 

consideration or the amount wagered, the risk, and a prize.

 

 

The outcome of the wage  is often immediate.

 

 

Longer time frames are common, as well allowing wagers on the outcome of a future sports contest or even an entire sports season.

 

 

Gaming typically refers to instances in which the activity of gambling has been specifically permitted by law. 

 

 

Presently,  the word gaming is used with and video games to describe activities that do not necessarily involve wagering, especially online gaming, with the new usage still not having displaced the old usage as the primary definition in common dictionaries. 

 

 

Gambling involves variation in brain chemistry, and can become a harmful, behavioral addiction. 

 

 

Behavioral addiction can occur with all the negative consequences, lacking in physical issues faced by people who compulsively engage in drug and alcohol abuse.

 

 

Reinforcement may make gamblers persist in gambling even after repeated losses.

 

 

Gamblers continue to gamble to try to win back money that they have lost and some gamble to relieve feelings of helplessness and anxiety.

 

 

Gamblers demonstrate cognitive and motivational biases that distort the perceived odds of events for likely outcomes. 

 

 

Gamblers prefer to bet on the outcome that is more likely to occur. 

 

 

Bettors tend to prefer to bet on their favorites in athletic competitions.

 

 

Gamblers sometimes bet on favorites when offered more favorable bets on the less likely outcome.

 

 

Gamblers exhibit optimism, overestimating the likelihood that desired events will occur. 

 

 

People are reluctant to bet against desired outcomes that are relevant to their identity: political candidates, favorite sports teams.

 

 

This hedging creates an interdependence dilemma between a motivational conflict of a short-term monetary gain and the long-term benefits of feelings of identification with and loyalty to a position, person, or group whom the bettor desires to succeed.