Gambling is the act of betting on something of worth with the intention of winning something other than what has been stake. It is often considered to be an immoral activity, but is it? Gambling as it relates to online gaming is not viewed in the same way as gambling in Las Vegas or Atlantic City, but it is still considered to be gambling. Gambling therefore requires three components for it to exist: risk, consideration, and a payoff.
Risk is what makes gambling possible. There are gamblers who are so risk averse that they will only play with a very small amount of money; this is referred to as “low-risk gambling.” Gamblers who are considered “high-risk” have a high amount of money at stake, usually above five thousand dollars or more, which increases their level of risk. Those gamblers who are considered “medium-risk” have money between one and five thousand dollars, with their risk level being between medium and high, which means that gambling losses are on the lower side.
Another type of risk is gambling income. Those who work in the service industry such as lawyers, insurance agents, real estate brokers, etc., are considered high-risk gamblers because their gambling income may not be steady, as it might be if they were working in a job that pays per hour. Also, those individuals who regularly attend college are considered to have gambling income because college students are sometimes given lottery tickets and scratch cards free as part of their school incentives. Lastly, adolescents and teens are another group that is considered to have gambling income because of their tendency to spend large amounts of money without considering the consequences. Gambling for adolescents and teens is a very popular activity.