Here's why you could be better off betting your money on startups

With two Integrated Resorts, numerous lotteries, non-casino gaming machines, betting and offshore gaming websites, it is no wonder that Singaporeans are the second biggest gamblers in the world - losing US$1,174 (double that of third place Canada).

So, why isn't Singapore the second biggest population of entrepreneurs and investors in the world?

There is a negative light cast on gambling, yet still widely seen as an acceptable vice. Starting your own business or investing in one is as much a gamble as rolling the dice, yet people tend to shy away from it.

Listen to the reasons the gambling addict father gives to his daughter in order to take her piggy bank in the TVC by the National Council on Problem Gambling: https://www.youtube.com/watch?v=chbjc-XDKLw. The same lines can be used on entrepreneurship.

Gambling sees many put everything on the line. Singapore Pools advises gamblers to proportion only a small amount of their salary to betting. However, this advice is usually fallen on deaf ears.

Degenerate gamblers like entrepreneurs often put in their entire life savings. Emptying retirement accounts, children's college funds, loose change and all into a pipedream.

Double down to recoup losses. When business isn't doing well, it could be due to a number of reasons: The location, the business plan, marketing, etc. The fastest way to overcome it is to spend more money to pivot. Even then there are no guarantees.

There is a slim chance of winning. Starting a business is hard, 90% of them do not last past the first year and it gets worse after each year. With an estimated 305 million startups created annually, it is a dismal amount of failure.

So why do people do it (gambling / entrepreneurship)? It is in fact for the exact same reasons.

There is a lightning-like thrill. Before the cards are revealed, there is excitement and hope. Tesla, for better or worse, has absolutely disrupted the tech and transportation industry. While it hasn't turned a profit yet, the anticipation of what's to come is palpitating to stockholders and employees.

Making your own luck. Success is inextricable from luck - but by investing or creating a company, one can take fate into one's hands. Speculating on startups is risky - but it is at least better than those who dared not to venture.

A chance to win - and win big. With a small investment, it can balloon to tremendous exits. In fact, it might not even need to be cash - the graffiti artist who painted Facebook's first office received some stock instead. On its IPO, it was worth $200 million. Don't think there are better payouts in any casino anywhere.

There are in fact plenty more similarities between gambling and entrepreneurship. So this year, why not take a real gamble? Loan it to a buddy to kick-start something or start a business. If nothing else, it will be a better way to lose US$1,174 a year.