Gambling comes in many different shapes and forms, and as F.E. Higgins said “What is life if not a gamble?”
Some of these forms include poker like Texas hold’em and 7 card stud or lottery games such as state lotteries, scratch-offs, bingo and more. But the two most common types of gambling are at the casino, whether it be a physical casino or an online one, and sports betting. As evidence of this, the global gambling market reached almost $449.3 billion in 2018 which includes sports betting.
According to the ESPN sports network, not-exactly-legal betting such as at college football games generate an estimate of $95 billion yearly. Because the nature of gambling is similar across all forms, similar people are attracted to trying both with the hopes of winning big.
During the current COVID-19 pandemic, lockdown regulations required physical casinos to close, and online casinos saw a rise in their usual users trying out virtual sports betting for the first time. Similarly, those who began using online casinos to play their favorite games tried esports or virtual sports betting for the first time. However, there are some difference between the two forms of gambling.
Technical differences between betting and gambling
Betting and gambling are very similar essentially, but differ on one main point. That is to say, gambling is betting on something that most likely will have a result that cannot be predicted, such as a game or an event. An example of this is the ever popular slots games that you can find online, while some people think that you can predict when a machine is going to win this isn’t the case. Slots machines are essentially a random number generator, each time you press the button it is unique from the previous play. Different casinos offer different odds on slots this is because they have different payback rates and hit frequencies. For example, Jungle Jim El Dorado, a popular game from Ruby Fortune NZ has a return to player of 96.31% meaning that for every for every $100 you put in you receive $96.31 back. If you want to find out more about this and Ruby Fortune you can find a good review here by Casino Reviews. But what it comes down to is gambling you generally can find money is sacrificed in the pursuit of gaining more money. Some games or activities have information available which will help you determine how much money to put at stake, but the outcome is basically purely based on luck.
Betting is a form of gambling, and similarly, money is placed as a wager on correctly predicting the outcome of an event. Where it differs is betting relies heavily on the knowledge of information which will help to determine the outcome of an event. This is why sports betting is incredibly popular, as having information about the event and participants would allow you to make an informed and calculated wager.
Both are out of your control to an extent
While gambling and betting do rely on information, they are still out of your control to an extent. For example, when you spin a slot in the casino, it may appear quite random what the result is going to be, and essentially it is, but there is information that may help you. There is payback percentage to consider, which is the total amount of all wagers spent on the slot game that will payout when you do win. There is also hit frequency to take into account, which is how often the slot game does allow players to win.
Knowing just these two factors would give you the ability to make an informed decision about what game to play, but in no way provides any assistance in actually winning. The same is true about sports betting. You may exactly what players are on each team in a football match. You may know their rankings and past performances in previous games, and you could find information on their current winning percentages this season. This would definitely help you in selecting which team to wager on, but in no means does it guarantee a certain outcome. Perhaps a player injured themselves during training and that information wasn’t made public, or a player could be going through some emotional difficulties which would affect performance.
Casinos you can generally spend more quicker
Depending on the games you play while visiting a physical or online casino would influence how quickly you would spend money, and how much of it you would spend. Games like poker may take a bit longer, but slot games would be over quicker since they just require a spin of a wheel.
You may also spend more money on slots, as you might not realize how much those small bets add up to. However, when wagering on the outcome of a sports match, like football, the match itself lasts 90 minutes so it would take longer between matches to spend money. Additionally, betting on a sports match requires one wager, so you would be acutely aware of exactly how much money you have spent.