Quantcast

The Difference between Gambling and Betting

As an activity, Gambling has attracted mankind for a very long period time. One of the main reasons why people became so interested to gamble is mostly because it brings an uncertain outcome with an element of risk. It is in our nature to be been keen on knowing the future results and how things will turn out – whether events relate to somebody’s life or a refer to a certain game or sports event. However, many people confuse gambling with betting and we will try to explain some differences between the two terms in this article.

What is Gambling?

In general, Gambling is betting on the outcome of a game or an event that may have an uncertain result. Usually, it comprises putting a specific amount of money on stake, in the hope of gaining more. Therefore, it is safe to say that Gambling is an activity that depends on the player’s lucky stars and has nothing to do with that person’s experience, skills and competences.

Today, some of the most popular gambling activities are video slots, progressive slots, online casino games and table games that include Craps, Video Poker, Roulette, Baccarat, and Blackjack. In some countries across the world, the governments tend to control or regulate the act of gambling since it is addictive in nature and has led many people to lose a large amount of money in the hope of making it big fortune through gambling.

What Does Betting Refer to?

Betting, on the other hand, is considered to be a form of gambling. More precisely, betting is all about predicting the outcome of a future event and placing a wage on that outcome. Officially, Betting is identified as an organised commercial activity between two parties – there is one that predicts an outcome and places a bet and the other who either forfeits the bet or pays the agreed money to the player.

In other words, betting companies such as casinos invite their members to place bets and cash out the winnings according to the bets that are waged by players. Some of the most popular ways on Betting nowadays include casino games, sports, horse racing, or just any important events taking place anywhere in the world.

The Main Differences

As Betting refers to predicting the outcome of a future event, people who place bets try to win money by carefully predicting the outcome of a betted event. While, Betting is not so risky and uncertain, Gambling on the other hand depends entirely on the theory of probability. When people gamble, their results vary between wins and losses, which is why most players would agree gambling offers better excitement than the betting does.

There are certain government regulations that differ for both gambling and betting activities, according to the way they operate. Even though Gambling has gained huge popularity in the online world lately, many people still like to visit the live betting shops and place their bets.