Betting and gambling are two similar terms that have many things in common and because of this people that are less knowledgeable about the subject, use them interchangeably.
However, there are some important differences that separate betting from gambling and vice versa. In this article, we will mention them as well as all the similarities between the two terms.
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Definition of Gambling
Gambling is an activity in which people stake something of value and try to predict an outcome of a game, activity, or contest. This prediction is based purely on luck and there is no strategy or input that would give the player an indication of what the result might be.
Some of the most popular gambling activities take place in casinos. In casinos, players have the opportunity to gamble on many games of pure chance such as slots, roulette, and dice. The thing that is common for all of these games is the fact that the results of these games are based completely on luck.
Definition of Betting
Today, the term “betting” is mostly associated with sports betting. And since sports betting is considered a skill activity, thus betting is associated with wagering on games and contests that are not based purely on luck. Instead, there are many factors such as the skill level of competitors or teams that plays a role in the end result.
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There is another perspective from which we can look at betting, and that is as a segment of gambling. If gambling is an activity, betting would be the action in which people place a bet or money on an outcome of a game.
For example, playing table games such as blackjack, roulette or dice would be defined as gambling and placing a bet while playing these games would be characterized as betting.
Similarities Between Betting and Gambling
From this point, we will use the first definition of betting we mentioned above to make things more clear and easier to understand.
The most obvious similarity between betting and gambling is the fact that players are risking something of value (in most cases money) in an effort to win a bigger prize (in most cases more money).
The two activities also share the fact that the outcome is uncertain and that there is an element of luck that has an effect on it.
Betting and gambling can both be done between gamblers and between a gambler and an establishment (a casino or a betting shop).
With online gambling platforms, players can now gamble and bet on the same platform which makes doing both activities much more convenient.
Differences Between Betting and Gambling
The main difference between betting and gambling is the fact that gambling activities entirely rely on luck while betting activities rely on luck, strategy, and skill. This means that players who gamble have no way of influencing the result in the long run. In fact, you can find data online on how much a gambler is predicted to lose over the long run playing different casino games.
On the other hand, sports betting allows players to implement different strategies as well as do research and use this information to put themselves in the best possible position to predict the result of a game. And while an element of luck exists, it is not a deciding factor over the long run.
This difference may seem small, but in practice it is enormous. It literally means that with gambling players are guaranteed to lose money over the long run and that their only chance of making some money is to hope to hit a big score and never gamble again.
In contrast, sports betting gives players a chance to make money over the long run. Their chances might be slim (only around 3% of sports bettors are profitable over the long run) but they do exist.
Finally, in some countries, rules, and regulations treat skill and luck games differently. This means that residents of these countries may be allowed to wager on games of skill while games that depend totally on luck are forbidden. If we apply this rule to gambling and betting, gambling will be banned while betting can be allowed.
Gambling and betting are two similar terms that are used in the same industry. In practice, all betting is gambling while all gambling is not betting. Gambling allows players to relax without the pressure of implementing correct strategies to win and betting gives players a chance to make money while having fun.