Most people use ‘betting’ and ‘gambling’ as synonyms, but they are not interchangeable. Online gambling sites capitalize from both types of risk-taking. Similarly, hard-core gamers are being entertained whether they choose to ‘bet’ or ‘gamble’.
Definitions of Gambling, Betting
In short, gambling is wagering on slots, table games and card games. These are available in brick-and-mortar casinos and online. Gambling includes poker games.
Betting is placing money on the outcome of events based on odds given by bookmakers. Horse racing, sports games, political events, TV shows, etc., are examples of bet types offered by bookmakers. Horse racing and soccer are traditionally their highest turnover sports.
However, gambling and betting definitions are much more complicated than the simple definition would suggest. According to the Ludwig von Mises Institute in Austria, a bet is “the desire to risk money against another person on the result of an event about the outcome of which we know only so much as can be known.
Thus, people can bet on a wide diversification of events from a general election to a tennis match. Or people might bet on who has the correct answer to a question.
Gambling is the desire to risk money against another person or company on the result of an event that we do not know anything more than is known. Thus, people gamble on services. Many times, gambling and betting are combined. For example, in horse racing, the owner is knowledgeable about the horse and the industry, so he can gamble, but the owner also has to make a bet based on the odds given by bookmakers”, the institute said.
Also, the culture surrounding gambling and betting is expanding and getting more intertwined as more is available online. Soccer betting is popular in Europe and is growing in popularity in the United States. “It works like any other sports gambling options”, said SportsGambling.com.
“Gambling has a long history in the world because outcomes are uncertain”, said Differencebetween.com. “Mankind is interested in knowing the future outcomes whether they are about events in one’s life or games. They put a value on something in the hope of getting more.”
Today, people gamble by betting on sports, playing casino games, betting on horses or visiting an online casino site, such as Harrahscasino.com, ClubWorldCasinos.com and slotter.com.
Historically, gambling is a generic word to describe placing wagers on particular outcomes or events, whilst betting is used to refer to an agreement between two people on whether a prediction will come true.
Governments have tried to regulate gambling to reduce the number of people who are adversely affected by gambling. Today, governments continue to regulate gambling and betting, Differencebetween.com reported.
Lines Blurring With Online Games
As more regions and states allow online gambling to take place legally, the lines between the definitions are fusing together. When people visit gambling sites, they deposit a certain amount into a pot. They can either play slots or table games. In some cases, online gambling sites allow the central pot of money to be used to place bets on sports events. Slot machine games online are programmed to look like real games.
For example, Harrahscasino offers customers the chance to play Euro Reels, an online slot game modeled after betting on real soccer games.
According to the site, the game features nine play lines. Three or more scatter icons activate free spins, and scatters can appear anywhere on the game. Customers can win free spins, obtain wild cards that substitute for any symbol and bonus rounds. Players compete against goalkeepers during the bonus Cash Cup with a chance to win the Euro Cash Cup by winning five goals in a row. Every ball kicked into the net is a winner.
Gambling, Betting in Business
Regardless of what term is used, gambling is big business. For example, it represents 1 percent of the gross domestic product of the United States or $14.5 trillion. Economists expect the casino industry to continue growing and supporting the economy. These figures come from betting on sporting events and gambling in casinos or online.
Economists have also compared gambling and betting to investing in the stock market. Investing and gambling both involve risk and choices, reported Investopedia.com. Placing bets is making a choice also. Gamblers and investors have to consider how much to risk on the possible outcome whether it’s a table game or the stock market. Gamblers weigh how much capital is in play or how much money to call a bet versus how much is in the pot. Investors do a similar calculation when determining how possible earning potential of a stock or fund.