Gambling and betting are major mediums of entertainment. They have both gained immense popularity but most people think of the two terms as synonyms with no difference. Here is a detailed look at the slight difference between the two terms.
A person is said to be gambling when he or she takes the chance of losing something of value during an uncertain event in the hope of winning something of much greater value. Though gambling was once illegal, today, it is multi billion dollar industry and it is common worldwide. It occurs in church halls, gas stations, land based as well as online casinos.
The common types of gambling are scratch off tickets and lotteries where gamblers risk a few dollars for a chance to won millions.
Gambling ranges from traditional casino games such as blackjack and roulette to the stock market and bingo. Games of chance such as playing dominoes or dice are also example of gambling. The odds makers determine the odds as well as the payouts while the bookies (bookmakers) handle the exchange of money.
Betting is more or less synonymous to gambling. It involves two parties where one party predicts the outcome of an event and places a bet while the other party, often a betting company either forfeits the amount waged in case of the wrong prediction or pays a much higher amount if the prediction is correct.
Unlike in the past, betting today is an organized lucrative activity where betting companies invite people to place bets then payout as per the agreed terms if the prediction turns out correct. People today bet on horse races, football games, weather, election or anything else with an uncertain outcome.
• Betting validates the activity of gambling.
• While gambling is looked down upon, most societies consider betting normal.
• Gambling has a better craze among people and the government tries to regulate it as it can be quite addictive and cause harm to individuals and families through losses.
• Betting is a structured agreement while gambling is a generic term.
• Online gambling has gained immense popularity. However, though sports betting has also become online, bettors still visit live betting shops to place their bets.
Putting aside sports betting, the number of people interested in gambling is increasing swiftly. Slot machine games, crap, internet games, Roulette, crap, fantasy football shooting baskets, pool or Billiard and Poker are some of the most gambled activities.
Additionally, online casinos have increased the craze for gambling due the convenience of playing the variety of casino games from anywhere, anytime.