Know the Basics – Difference between Gambling and Betting

Even though betting is considered to be a form of gambling, it is actually different from gambling. The idea of the betting is dependent upon the prediction of the outcome of any event while the gambling is placed on an event with uncertain outcomes.

Knowing the future beforehand has always remained the curiosity for humanity. Hence, the existence of such concepts viz. gambling and betting. Betting could be anything like a particular country would win the tournament or “I bet you to eat six pizzas at a time”, where the outcome is anticipated beforehand. If future allows the anticipation to be true, the bet is won by the person making anticipation. Gambling is wagering or staking of money on an event whose outcome is uncertain. Events like ‘roll of dice’ or ‘a spin of roulette wheel’, where the outcome is uncertain, give out immediate pay to wagers.

The idea of winning money immediately by anticipating future is something which is common in ‘betting’ and ‘gambling’. Though two-term may seem to be alike, there is a subtle difference between them. The term ‘Gambling’ describes the activity of staking on particular events, without any basis or predictions of outcomes. Whereas, ‘betting’ is a sort of agreement made between two parties, where one of them makes a certain prediction about the outcome of the event yet to happen. If the results of an event turns out as predicted by one of the parties, then the other team has got to forfeit the amount according to the agreement made.

‘Gambling’ is independent of any sort of human skill. It is also risky and entirely dependent on luck and nothing else. It is simply betting on events with an uncertain outcome. ‘Betting’ is slightly less risky than gambling, as few human skills like doing deep research and predicting carefully could make you easy money.

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