Gambling is an age old tradition and has been in every one blood from prehistoric times. Gambling can be defined as wagering money on an event whose outcome is unknown. Gambling can be done among two people or among a group of people.In the olden days gambling was legal by law. In present times the law is made it clear that gambling is only legal within in casinos, race tracks and few other selected places. There are several types of gambling some of the most common are sports betting, parimutuel betting, arbitrage betting. There are a couple of parameters to be kept in mind before gambling like how much is being wagered, and if the event is favorable towards you. Generally a major population just gamble for fun but there are people who make gambling their life. Gambling can be psychologically very addictive.A person who gets into gambling must know his limits and should know when to get out or when to get in. Gambling is viewed differently in different countries and each country has its own separate laws. In the United States gambling is legal and can me regulated by their government. The most common form of gambling is in the casinos. And some of the very common games are poker, slot machines, craps and blackjack. These casinos are very common and large deal of money can be earned or lost within minutes. Apart from casinos there are people who bet on horse races or greyhound races. The last and most famous form of gambling is on sports. The maximum amount of money is earned and lost in this form of gambling.Gambling is to be taken lightly and not to the heart. When a person is gambling he should make sure that he is not over doing things and to play carefully and sensibly.