Why I Don’t Gamble

Summary

The author of the article "Why I Don’t Gamble" argues against gambling, particularly the lottery, because they believe that success should be the result of hard work and skill rather than chance.

Abstract

The article "Why I Don’t Gamble" presents the author's perspective on gambling, with a focus on the lottery, which is a popular activity in Asia, especially in Singapore. The author, who has learned the value of hard work through martial arts, contends that true success, especially financial, is not a matter of luck but of effort and sacrifice. They cite research indicating that people who come into unexpected wealth often squander it quickly and that inheritances or large financial gifts are typically halved in value through poor spending or investments. The author also suggests that engaging in lottery play trains the brain to rely on luck rather than skill, which can undermine one's drive to succeed. Instead, the author advocates for investing time and money into self-improvement and personal ventures, emphasizing that skill, though slow, is a reliable path to success compared to the randomness of fortune.

Opinions

The author believes that success from one's own merit is more respectable than wealth gained from gambling.
They argue that people do not respect themselves if they gain wealth through luck rather than their own efforts.
The author points out that studies show people tend to spend unexpected windfalls quickly and unwisely.
Engaging in the lottery fosters a reliance on luck, which can detract from personal development and the pursuit of goals through skill and hard work.
The author suggests that the allure of the lottery, which is a significant industry, is based on the appealing fantasy of sudden wealth, but this fantasy can be detrimental to one's work ethic.
They recommend investing in oneself, such as in a side-hustle or self-help resources

Success shouldn’t be a game of chance.

Image Credit: Getty Images/InstitutionalInvestor

Gambling is a really popular pastime in Asia.

In 2019, it was calculated that the revenue from the games market in the Asia Pacific region amounted to 72.2 billion U.S. dollars. In fact, this was more than double the revenue of the North American gaming market.

In Singapore, where I’m from, the most popular form of gambling is the lottery. Known colloquially as “Toto” or “4-D”, playing the lottery is a popular pastime among older folk. My grandparents and my Dad are both punters — but I personally refuse to play the game. Here’s why.

I believe that success — especially financial success, shouldn’t be a game of chance.

True success can onlyn be attained from hard work and sacrifice.

Think about it; who would you respect more, an entrepreneur who made a million bucks by his own merit, or a punter who got lucky off a scratch ticket? More to the point, would you respect yourself if you made a boatload of cash not from the sweat of your own brow, your own ingenuity, your own excellence — but because you happened to win a highly improbable game of chance?

The studies say no. Research shows that people tend to spend unexpected windfalls fast. The sad tale of lucky lottery winners blazing through their newfound wealth in a matter of a few short years is all too common.

“The average person in their 20s, 30s and 40s who was given an inheritance or large financial gift quickly lost half the money through spending or poor investments.”

More than that, I believe that when you play the lottery, you’re subconsciously training your brain to rely on luck, not skill.

No matter how much you tell yourself it's just for fun, when you buy a scratch ticket, you’re really looking for a windfall.

The fantasy is very appealing, isn’t it? To miraculously become a multi-millionaire over the weekend, lady Fortuna, that fickle mistress-bitch, smiling down on you at last. This fantasy is what makes the lottery a $73 billion dollar business in the U.S alone.

Unfortunately, this fantasy also undermines your will to succeed. Playing the lottery automatically injects an element of randomness to your goals, to your life. It makes you look forward to this week’s winners, to the announcement of the results — something you absolutely cannot control.

Maybe I’m being philosophical, but I think it is far better for one to invest those few hundred dollars every year into a side-hustle, into self-help books, into yourself. Far better be it for you to invest in skill, not luck. For skill is the creeping glacier, slow but inexorable, while luck is a loose cannon, one that guns down both friends and foe alike.

And in the long-game of life, carefully applied skill beats random fortune any day of the week.