Gambling and insurance, if you believe everything you read, are very different.
People who spend money on gambling are called every bad name under the sun. Insurance, on the other hand, is considered a savvy investment.
Of course, gambling creates risk, while insurance takes it away. But are they really so different?
In reality, gambling and insurance have a lot in common. At least, more than we usually talk about.
Insurance is Betting Against the House
When you walk into a casino, you know that you are putting your money up against the house.
In a game like blackjack, for instance, you and the casino both have desired outcomes. You want to win the hand, and they want you to lose the hand.
The situation is statistically biased toward the casino, so you’re likely to lose a bit of money. But, there is a small chance you can win big.
With a shift in thinking, you can see that insurance works the same.
Let’s take the example of car insurance. For fear of a serious accident that ruins your vehicle, you pay a company to fix or replace your car in the event of a crash.
You are not very likely to crash in a way that requires your insurance to pay you thousands of dollars.
So over time and over millions of clients, insurance companies will make a profit.
The house and an insurance company are both likely to take money from their clients in the long run, and only occasionally have to dole out big bucks.
That means you’re likely to lose money.
Both Can Mean Longterm Financial Loss or Big Wins
The motivations for gambling and insurance are similar: the hope of a big payoff.
If you have health insurance, you are investing so that your provider will pay your hypothetical hospital bill.
Both outcomes are unlikely. Just like the casino almost always wins, you are not going to win on every football wager you make.
So, gambling and paying for insurance put you in the same position: losing money slowly, with the assurance of hope that you might win big one day.
The comparison is striking and should change your thinking on insurance.
And maybe on gambling as well.
Improve your Odds
If gambling is like insurance, then you have a greater chance to lose money, but a small chance to earn it all back and then some.
Of course, you don’t “want” to win against your insurance company, because that means something bad is happening.
Unlike gambling, you want to increase your gambling chances.
Wouldn’t it be great to increase your odds of winning a football bet?
That’s why you turn to things like free football tips. Elite insight into the world of football betting can make all the difference in your chances.
Consider a Shift in Thinking
Football betting is tricky, much like figuring out which kinds of insurance to pay for, and how much to buy.
But, you’ll probably still gamble a little, because it could be worth it. Good luck!