Betting vs Gambling
Gambling is an activity that has attracted human beings since time immemorial because of feature of uncertain outcome. Mankind has always been interested in knowing the future outcomes whether events pertain to in one’s life or a mere game or sport. Gambling in general is betting on the outcome of an event that may be uncertain. This involves putting on stake something of value in the hope of gaining more in the event of that one’s preferred choice of event taking place. In modern times, betting on sports, casino games, horses, or just about any event of importance taking place anywhere in the world has emerged as a form of gambling. Many people think of both gambling and betting as synonymous with no difference between the two terms. Let us find out in this article.
Gambling
Gambling is an activity that humans have taken an interest in since time immemorial. There are examples of people placing wages on certain outcome of a future event in ancient texts and human history. There is an inherent feeling of excitement in gambling, in anticipation of preferred outcome turning up. This is natural as even those who place a bet or something of value in the hope of a particular result taking place are not sure of the outcome and know that there is an element of risk involved in gambling. Gambling is, therefore, an activity that is based upon chance or luck and has nothing to do with the skills of a person.
All governments across the world seek to control heavily or regulate the act of gambling because of the fact that gambling is addictive in nature and has led to people losing their everything in the hope of making it big through gambling. Sports betting, horse betting, lotteries, casino games, and betting on elections and celebrities etc. are all types of gambling.
Betting
Betting is predicting the outcome of a future event and placing a wage on that outcome. Horse racing has been a sport for thousands of years and even today races are organized where people place bets on their favorite horses. If that horse is the winner, people get many times more than they have bet. Betting in modern times is an organized commercial activity with there being betting companies that invite people to place bets and payout according to the bets that are waged by players.
Today betting is an agreement between two people where one person makes a prediction and the other person (often the betting company) either forfeits the amount waged in case of incorrect prediction or pays a higher amount as per agreed terms if the prediction turns out to be correct.
What is the difference between Betting and Gambling?
• Gambling is a generic word to describe the activity of placing wages on particular outcomes or events taking place while betting is the term used to refer to agreement between two parties where one party makes a prediction and loses or makes money if his prediction turns to be true. The other party forfeits the amount waged or has to return many times more as per the agreement.
• Governments try to regulate gambling as it can be addictive in nature causing harm to families and individuals, as people go on gambling, to make up losses and ultimately lose everything they have.
• Betting is a word coined to validate the activity of gambling. Whereas gambling is looked down upon, betting is considered normal in most societies.