Recently, there was an advertisement on social media that showed a sad-looking person talking to a sportsperson telling him how he took unnecessary risks, gambled into stock tips and lost all the money.
This did send a strong message to the viewers – that often, investing based on tips etc. can seem glamorous and seem like giving yourself a shot at huge returns. But the reality is very different. In fact, just a few out of a hundred such tips might work. If you invest your hard-earned money based on tips, then it’s just like gambling.
Nowadays, with the advent of new apps, the availability of cheap internet and more importantly, a lot of free time that work-from-home allows, there is a lot of psychological push to trade more. And trading more and more, without a thought, is like gambling. Please understand that I am not saying whether gambling is good or bad. There are professionals who know their game and whose personalities are well-suited for what they do. But for most people, it’s not the right thing to do.
Talking about gambling, which many people at least outside India spend a lot of time on, is about staking something on a contingency event, or even a random outcome. Generally, the odds are not in favour of the person staking the money or bet. It’s mostly the house, that wins eventually if you aggregate the data in the long term.
These days in the era of the virtual world, the SRL (Simulated Reality Leagues) are changing the way fans engage with cricket and various other popular sports like soccer. With amazing computer graphics, SRL can now simulate a sporting event that follows the rules of an actual match based on real-life scenarios. SRL Cricket via the T20 SRL is a popular product of these simulated leagues, and its advanced algorithm collects statistical information on every cricket match to ensure that users are immersed in a real-life cricket match.
Investing on the other hand is a lot less like betting or gambling.
Investing and Betting are two very different things. While the former is a good diversion for getting some cheap thrills and of course, making a ton of money (if you’re lucky), investing is about building solid wealth over the long term. Of course, you need to be really sure whether it is legal to participate in a casino in your area/state/country or not. If not, then do not do it at all. The law is above all. Gambling is exciting, at least initially. Good investing is downright boring. You don’t need to do a lot of things once you set a proper investment plan in motion.
When done well, it can help you achieve your life’s important financial goals. Investing should always be done with a goal in mind like saving for your child’s education, daughter’s marriage, retirement savings, saving for house purchase, saving for vacations, etc. Of course, one can also plan their future goals on getting their bets in casinos and online casinos. But gambling is not investing. Though there are a few similarities, there is a thin line that differentiates the two. I am sure you would agree with me, that in gambling, the risks are just too high and it works only if the lady’s luck is really favourable on the day. Otherwise, it’s not a good strategy to depend on hope-to-win as your life plan.
By the way, due to the quick adoption of technology by casinos, you now don’t need to visit an actual casino to test your luck. The casino options are easily available online. Just a search will show you how many options are there.
Also, on the business front, these days online gaming and casinos in itself is a growing business across the world. In India, it’s still finding its feet but you can nowadays see an increasing number of gaming apps advertising across different media.
So that’s it. Remember that online casinos or sports and related betting can be fun but that’s it. Always take the proper investing route. Commit to a long-term strategy that takes into account your financial goals, your unique circumstances, and most importantly, your risk tolerance. If you are not sure, then do not hesitate to get some professional advice from a financial planner.